Liberty Wealth Management LLC Buys New Stake in Public Storage (NYSE:PSA)

Liberty Wealth Management LLC acquired a new stake in Public Storage (NYSE:PSA) during the second quarter, HoldingsChannel reports. The firm acquired 6,226 shares of the real estate investment trust’s stock, valued at approximately $1,791,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Choreo LLC purchased a new position in Public Storage during the 2nd quarter worth approximately $476,000. Wedbush Securities Inc. boosted its holdings in shares of Public Storage by 31.5% in the second quarter. Wedbush Securities Inc. now owns 3,595 shares of the real estate investment trust’s stock valued at $1,034,000 after acquiring an additional 862 shares during the period. PFG Investments LLC grew its position in shares of Public Storage by 7.7% during the second quarter. PFG Investments LLC now owns 1,280 shares of the real estate investment trust’s stock worth $368,000 after acquiring an additional 91 shares during the last quarter. DDFG Inc acquired a new position in shares of Public Storage in the 2nd quarter valued at $212,000. Finally, Paralel Advisors LLC purchased a new stake in Public Storage in the 2nd quarter valued at $2,733,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 1.7 %

Public Storage stock opened at $351.50 on Tuesday. The firm has a market capitalization of $61.52 billion, a price-to-earnings ratio of 31.93, a price-to-earnings-growth ratio of 5.72 and a beta of 0.67. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $353.23. The stock’s fifty day moving average is $314.46 and its two-hundred day moving average is $290.90.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the business posted $4.28 earnings per share. Analysts predict that Public Storage will post 16.72 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is currently 108.99%.

Analysts Set New Price Targets

PSA has been the topic of a number of recent research reports. Wells Fargo & Company lifted their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. Barclays increased their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Evercore ISI boosted their price objective on shares of Public Storage from $330.00 to $334.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $323.77.

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.