Fortis Group Advisors LLC Has $1.87 Million Holdings in Public Storage (NYSE:PSA)

Fortis Group Advisors LLC cut its holdings in shares of Public Storage (NYSE:PSA) by 4.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,128 shares of the real estate investment trust’s stock after selling 243 shares during the period. Fortis Group Advisors LLC’s holdings in Public Storage were worth $1,866,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Public Storage by 1.0% in 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 acquiring an additional 217,487 shares during the last quarter. Price T Rowe Associates Inc. MD raised 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 acquiring an additional 219,391 shares during the last quarter. APG Asset Management US Inc. lifted its stake 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 valued at $623,485,000 after acquiring an additional 100,000 shares during the period. Canada Pension Plan Investment Board boosted its holdings in Public Storage by 8.6% in the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after acquiring an additional 95,080 shares during the last quarter. Finally, Centersquare Investment Management LLC increased its position in Public Storage by 17.2% in 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 purchasing an additional 173,975 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Up 0.1 %

Shares of Public Storage stock traded up $0.33 on Tuesday, reaching $332.18. 45,269 shares of the company’s stock were exchanged, compared to its average volume of 705,935. The firm’s 50-day moving average is $346.07 and its two-hundred day moving average is $305.74. The company has a market capitalization of $58.14 billion, a P/E ratio of 31.49, a price-to-earnings-growth ratio of 4.87 and a beta of 0.68. 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 52 week low of $233.18 and a 52 week high of $369.99.

Public Storage (NYSE:PSA) last released 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 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 the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm earned $4.28 EPS. The company’s revenue was down 1.0% compared to the same quarter last year. Sell-side analysts predict that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.61%. Public Storage’s dividend payout ratio is currently 112.46%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PSA shares. Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Citigroup raised their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Royal Bank of Canada started coverage on Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 target price on the stock. Evercore ISI lowered their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Finally, Jefferies Financial Group lifted their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. One research 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $340.93.

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.