Valeo Financial Advisors LLC Boosts Stake in Public Storage (NYSE:PSA)

Valeo Financial Advisors LLC increased its holdings in shares of Public Storage (NYSE:PSA) by 17.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 999 shares of the real estate investment trust’s stock after acquiring an additional 148 shares during the period. Valeo Financial Advisors LLC’s holdings in Public Storage were worth $364,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. OFI Invest Asset Management purchased a new position in Public Storage in the 2nd quarter worth about $32,000. Opal Wealth Advisors LLC purchased a new position in shares of Public Storage during the second quarter worth approximately $36,000. Riverview Trust Co bought a new stake in shares of Public Storage during the first quarter valued at approximately $37,000. Crewe Advisors LLC purchased a new stake in shares of Public Storage in the first quarter valued at approximately $39,000. Finally, EdgeRock Capital LLC purchased a new position in Public Storage during the 2nd quarter worth $39,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

PSA opened at $343.88 on Tuesday. The firm’s 50-day moving average price is $343.10 and its 200-day moving average price is $303.67. The company has a market cap of $60.19 billion, a P/E ratio of 32.23, a price-to-earnings-growth ratio of 4.82 and a beta of 0.68. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 52-week low of $233.18 and a 52-week high of $369.99.

Public Storage (NYSE:PSA) last posted its quarterly earnings data 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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the firm posted $4.28 earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, equities analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio is presently 112.46%.

Wall Street Analyst Weigh In

PSA has been the subject of several research reports. Morgan Stanley upped their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada began coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price on the stock. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research report on Thursday, August 1st. Scotiabank lifted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Finally, Barclays upped their target price on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $337.00.

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.