Bank of Montreal Can Raises Position in Public Storage (NYSE:PSA)

Bank of Montreal Can raised its holdings in shares of Public Storage (NYSE:PSA) by 4.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 191,586 shares of the real estate investment trust’s stock after acquiring an additional 8,958 shares during the period. Bank of Montreal Can’s holdings in Public Storage were worth $55,506,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Gryphon Financial Partners LLC grew its holdings in shares of Public Storage by 2.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after purchasing an additional 38 shares in the last quarter. Signet Financial Management LLC grew its stake in Public Storage by 2.1% in the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after buying an additional 39 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Public Storage by 0.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after buying an additional 39 shares during the last quarter. Brookstone Capital Management raised its position in shares of 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 buying an additional 40 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC lifted its holdings in shares of Public Storage by 3.5% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after acquiring an additional 42 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on PSA. Royal Bank of Canada started coverage on Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target on the stock. Evercore ISI raised their price objective on Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Jefferies Financial Group raised their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company boosted their target price on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $339.08.

Public Storage Price Performance

PSA opened at $359.58 on Thursday. The stock’s 50 day moving average price is $329.30 and its 200-day moving average price is $296.87. Public Storage has a 52-week low of $233.18 and a 52-week high of $366.80. The stock has a market capitalization of $63.19 billion, a PE ratio of 32.66, a price-to-earnings-growth ratio of 5.14 and a beta of 0.67. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

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 analysts’ expectations of $1.16 billion. During the same period in the previous year, the firm posted $4.28 earnings per share. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, equities research analysts predict that Public Storage will post 16.75 EPS for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.34%. 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.