Alaethes Wealth LLC Has $1.01 Million Stock Position in Public Storage (NYSE:PSA)

Alaethes Wealth LLC grew its position in Public Storage (NYSE:PSA) by 9.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,517 shares of the real estate investment trust’s stock after acquiring an additional 295 shares during the quarter. Alaethes Wealth LLC’s holdings in Public Storage were worth $1,012,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its position in Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new stake in Public Storage in the fourth quarter worth $30,000. OFI Invest Asset Management acquired a new position in Public Storage during the second quarter worth $32,000. ICA Group Wealth Management LLC bought a new position in Public Storage during the fourth quarter valued at about $37,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage in the second quarter worth about $36,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PSA. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday, August 5th. Truist Financial downgraded 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. Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Royal Bank of Canada began coverage on shares of Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective on the stock. Finally, Scotiabank upped 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $332.71.

Public Storage Trading Up 0.9 %

Shares of PSA opened at $361.72 on Friday. The stock has a 50 day simple moving average of $326.92 and a 200-day simple moving average of $295.63. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market cap of $63.56 billion, a PE ratio of 32.85, a PEG ratio of 5.12 and a beta of 0.67. Public Storage has a 1 year low of $233.18 and a 1 year high of $366.29.

Public Storage (NYSE:PSA) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the business posted $4.28 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. On average, sell-side analysts predict that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

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 $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.32%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

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.