Weil Company Inc. Has $18.02 Million Holdings in Public Storage (NYSE:PSA)

Weil Company Inc. lifted its stake in shares of Public Storage (NYSE:PSA) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,632 shares of the real estate investment trust’s stock after purchasing an additional 171 shares during the period. Public Storage accounts for 6.6% of Weil Company Inc.’s investment portfolio, making the stock its 2nd biggest holding. Weil Company Inc.’s holdings in Public Storage were worth $18,016,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Candriam S.C.A. lifted its holdings in Public Storage by 4.5% during the second quarter. Candriam S.C.A. now owns 13,020 shares of the real estate investment trust’s stock valued at $3,745,000 after purchasing an additional 562 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Public Storage by 13.4% in the second quarter. Private Advisor Group LLC now owns 5,161 shares of the real estate investment trust’s stock valued at $1,485,000 after purchasing an additional 610 shares during the period. New York Life Investment Management LLC lifted its stake in shares of Public Storage by 0.9% during the 2nd quarter. New York Life Investment Management LLC now owns 24,119 shares of the real estate investment trust’s stock valued at $6,938,000 after buying an additional 226 shares in the last quarter. Synergy Asset Management LLC boosted its holdings in Public Storage by 87.0% in the 2nd quarter. Synergy Asset Management LLC now owns 17,449 shares of the real estate investment trust’s stock worth $5,019,000 after buying an additional 8,116 shares during the period. Finally, Arizona State Retirement System grew its stake in Public Storage by 0.9% in the 2nd quarter. Arizona State Retirement System now owns 45,840 shares of the real estate investment trust’s stock valued at $13,186,000 after buying an additional 426 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PSA shares. Citigroup raised their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Evercore ISI raised their target price on Public Storage from $330.00 to $334.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday. Finally, Scotiabank upped their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and an average price target of $323.77.

Public Storage Price Performance

Shares of Public Storage stock opened at $345.63 on Friday. The firm has a market capitalization of $60.49 billion, a PE ratio of 31.39, a price-to-earnings-growth ratio of 5.69 and a beta of 0.67. The company has a current ratio of 0.93, a quick 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 $347.77. The business’s 50-day moving average price is $313.10 and its 200-day moving average price is $290.38.

Public Storage (NYSE:PSA) last posted 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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the business posted $4.28 earnings per share. The company’s revenue was down 1.0% compared to the same quarter last year. Sell-side analysts forecast that Public Storage will post 16.72 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.47%. Public Storage’s dividend payout ratio is currently 108.99%.

Public Storage 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.