Public Storage (NYSE:PSA) Stake Boosted by Signaturefd LLC

Signaturefd LLC grew its stake in shares of Public Storage (NYSE:PSA) by 5.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,517 shares of the real estate investment trust’s stock after purchasing an additional 82 shares during the quarter. Signaturefd LLC’s holdings in Public Storage were worth $552,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after buying an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD boosted 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 buying an additional 219,391 shares during the period. APG Asset Management US Inc. boosted its position in shares of Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after buying an additional 100,000 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Public Storage by 8.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after buying an additional 95,080 shares during the period. Finally, Centersquare Investment Management LLC boosted its position in shares of Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after buying an additional 173,975 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

Shares of NYSE:PSA opened at $336.32 on Friday. The company’s fifty day moving average is $347.24 and its two-hundred day moving average is $306.57. 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 12-month low of $233.18 and a 12-month high of $369.99. The company has a market cap of $58.86 billion, a P/E ratio of 31.52, a price-to-earnings-growth ratio of 4.72 and a beta of 0.68.

Public Storage (NYSE:PSA) last announced its earnings results 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 net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the firm earned $4.28 earnings per share. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities analysts expect that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.57%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is currently 112.46%.

Analysts Set New Price Targets

PSA has been the subject of a number of research analyst reports. Barclays upped their target price on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Royal Bank of Canada initiated coverage on Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 target price for the company. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday, August 1st. Finally, Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $340.93.

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.