Pallas Capital Advisors LLC Purchases 516 Shares of Public Storage (NYSE:PSA)

Pallas Capital Advisors LLC grew its stake in Public Storage (NYSE:PSA) by 58.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,404 shares of the real estate investment trust’s stock after purchasing an additional 516 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Public Storage were worth $475,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSA. Vanguard Group Inc. grew its stake in shares of Public Storage by 1.0% during 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 in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares during the period. APG Asset Management US Inc. lifted its position in 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 acquiring an additional 100,000 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in Public Storage by 8.6% during the 2nd 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 purchasing an additional 95,080 shares during the last quarter. Finally, Centersquare Investment Management LLC boosted its holdings in Public Storage by 17.2% in 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 during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 1.3 %

Shares of Public Storage stock opened at $335.49 on Thursday. The stock has a market capitalization of $58.72 billion, a PE ratio of 31.44, a price-to-earnings-growth ratio of 4.74 and a beta of 0.68. Public Storage has a 52-week low of $233.18 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The company has a 50-day simple moving average of $348.12 and a two-hundred day simple moving average of $308.26.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the business earned $4.28 earnings per share. On average, analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PSA. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Barclays boosted their target price on shares of Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a report on Monday. Jefferies Financial Group increased their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research note on Monday, August 5th. Finally, Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $341.43.

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.