Public Storage (NYSE:PSA) Shares Bought by NewEdge Advisors LLC

NewEdge Advisors LLC lifted its stake in shares of Public Storage (NYSE:PSA) by 12.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 136,923 shares of the real estate investment trust’s stock after buying an additional 15,459 shares during the quarter. NewEdge Advisors LLC’s holdings in Public Storage were worth $39,386,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. MBB Public Markets I LLC purchased a new stake in shares of Public Storage in the 2nd quarter valued at about $3,296,000. APG Asset Management US Inc. lifted its stake in Public Storage by 4.8% in the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after buying an additional 100,000 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Public Storage by 116.7% in the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after acquiring an additional 208,546 shares during the period. Abich Financial Wealth Management LLC grew its position in shares of Public Storage by 37.8% during the second quarter. Abich Financial Wealth Management LLC now owns 594 shares of the real estate investment trust’s stock worth $171,000 after acquiring an additional 163 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Public Storage by 60.3% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 30,283 shares of the real estate investment trust’s stock valued at $8,711,000 after acquiring an additional 11,389 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Up 0.0 %

Shares of NYSE PSA opened at $356.64 on Friday. The firm has a market cap of $62.42 billion, a P/E ratio of 32.39, a price-to-earnings-growth ratio of 5.10 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 has a 1 year low of $233.18 and a 1 year high of $366.80. The firm’s 50 day moving average price is $332.45 and its 200 day moving average price is $298.22.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business earned $4.28 EPS. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Public Storage will post 16.75 earnings per share for the current year.

Public Storage Announces Dividend

The firm 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. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.36%. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Analyst Ratings Changes

A number of research firms have weighed in on PSA. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. Evercore ISI increased their price target on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Scotiabank boosted their price objective 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. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $339.08.

About Public Storage

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.