Public Storage (NYSE:PSA) Shares Purchased by Allworth Financial LP

Allworth Financial LP grew its holdings in shares of Public Storage (NYSE:PSA) by 1.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 7,098 shares of the real estate investment trust’s stock after buying an additional 112 shares during the period. Allworth Financial LP’s holdings in Public Storage were worth $2,583,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Brookstone Capital Management grew its stake in Public Storage by 3.4% during the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after acquiring an additional 40 shares in the last quarter. Vicus Capital acquired a new position in Public Storage during the first quarter worth $238,000. Allspring Global Investments Holdings LLC grew its holdings in Public Storage by 20.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 139,074 shares of the real estate investment trust’s stock valued at $40,340,000 after buying an additional 23,531 shares in the last quarter. Eagle Ridge Investment Management increased its stake in shares of Public Storage by 25.1% in the 1st quarter. Eagle Ridge Investment Management now owns 76,933 shares of the real estate investment trust’s stock worth $22,315,000 after acquiring an additional 15,449 shares during the last quarter. Finally, Naviter Wealth LLC boosted its position in shares of Public Storage by 13.4% during the 1st quarter. Naviter Wealth LLC now owns 10,206 shares of the real estate investment trust’s stock valued at $2,960,000 after acquiring an additional 1,204 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PSA shares. Wells Fargo & Company lifted their target price on shares of Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Evercore ISI lowered their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Jefferies Financial Group lifted their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Finally, Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $340.93.

Public Storage Stock Down 0.6 %

Public Storage stock opened at $336.34 on Monday. The firm has a market capitalization of $59.10 billion, a P/E ratio of 30.55, a P/E/G ratio of 4.72 and a beta of 0.68. The stock’s fifty day simple moving average is $347.58 and its 200-day simple moving average is $307.22. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business earned $4.28 EPS. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, equities analysts expect that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.57%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Public Storage Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.