Victory Capital Management Inc. Raises Position in Public Storage (NYSE:PSA)

Victory Capital Management Inc. lifted its stake in Public Storage (NYSE:PSA) by 12.9% in the second quarter, Holdings Channel.com reports. The firm owned 82,440 shares of the real estate investment trust’s stock after buying an additional 9,411 shares during the period. Victory Capital Management Inc.’s holdings in Public Storage were worth $23,714,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of PSA. Gryphon Financial Partners LLC lifted its position in Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after buying an additional 38 shares during the last quarter. Signet Financial Management LLC boosted its stake in shares of Public Storage by 2.1% during the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after purchasing an additional 39 shares during the period. Assenagon Asset Management S.A. grew its holdings in Public Storage by 0.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after purchasing an additional 39 shares during the last quarter. Brookstone Capital Management raised its position in Public Storage by 3.4% in the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after purchasing an additional 40 shares during the period. Finally, Legacy Wealth Asset Management LLC lifted its stake in Public Storage by 3.5% in the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 42 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $359.23 on Thursday. The firm has a 50 day moving average of $317.38 and a 200 day moving average of $291.90. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The company has a market capitalization of $62.87 billion, a price-to-earnings ratio of 32.63, a price-to-earnings-growth ratio of 5.72 and a beta of 0.67. Public Storage has a 52 week low of $233.18 and a 52 week high of $361.23.

Public Storage (NYSE:PSA) last announced 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). The company had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.28 earnings per share. On average, sell-side analysts predict that Public Storage will post 16.72 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PSA shares. Royal Bank of Canada initiated coverage on Public Storage in a research note on Tuesday. They set a “sector perform” rating and a $358.00 target price on the stock. Wells Fargo & Company increased their target price on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Scotiabank boosted their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Barclays raised their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Citigroup boosted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $326.21.

Public Storage Company 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.