Perpetual Ltd Increases Position in Public Storage (NYSE:PSA)

Perpetual Ltd grew its stake in Public Storage (NYSE:PSA) by 45.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 95,458 shares of the real estate investment trust’s stock after acquiring an additional 30,019 shares during the quarter. Perpetual Ltd owned 0.05% of Public Storage worth $34,734,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. OFI Invest Asset Management bought a new position in shares of Public Storage during the 2nd quarter valued at $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage in the 2nd quarter worth about $36,000. Riverview Trust Co bought a new stake in Public Storage in the first quarter worth about $37,000. Crewe Advisors LLC purchased a new position in Public Storage during the 1st quarter valued at $39,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Public Storage during the second quarter valued at $39,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 0.0 %

NYSE:PSA opened at $347.99 on Thursday. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. 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 stock’s fifty day moving average is $340.84 and its two-hundred day moving average is $302.25. The stock has a market capitalization of $60.91 billion, a price-to-earnings ratio of 31.61, a price-to-earnings-growth ratio of 4.87 and a beta of 0.68.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.28 earnings per share. Research analysts anticipate that Public Storage will post 16.74 EPS for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.45%. Public Storage’s payout ratio is 108.99%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PSA shares. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday, August 5th. Wells Fargo & Company upped their target price on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Citigroup lifted their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $337.36.

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.