Brookstone Capital Management Grows Stake in Public Storage (NYSE:PSA)

Brookstone Capital Management lifted its stake in Public Storage (NYSE:PSA) by 5.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,417 shares of the real estate investment trust’s stock after acquiring an additional 72 shares during the quarter. Brookstone Capital Management’s holdings in Public Storage were worth $516,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of PSA. Vanguard Group Inc. boosted its holdings in Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares in the last quarter. APG Asset Management US Inc. boosted its stake in shares of 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 purchasing an additional 100,000 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Public Storage by 8.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after purchasing an additional 95,080 shares during the period. Finally, Centersquare Investment Management LLC grew its holdings in Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Barclays raised their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Citigroup raised their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Evercore ISI upped their price target on shares of Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $337.36.

Public Storage Trading Up 0.2 %

NYSE:PSA opened at $342.83 on Monday. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The business has a 50 day simple moving average of $342.30 and a 200 day simple moving average of $303.29. The firm has a market capitalization of $60.00 billion, a P/E ratio of 32.13, a P/E/G ratio of 4.82 and a beta of 0.68.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.28 EPS. Equities research analysts predict that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.50%. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

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.