Public Storage (NYSE:PSA) Stake Raised by Sawyer & Company Inc

Sawyer & Company Inc boosted its holdings in Public Storage (NYSE:PSA) by 4.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 6,260 shares of the real estate investment trust’s stock after purchasing an additional 256 shares during the quarter. Sawyer & Company Inc’s holdings in Public Storage were worth $2,278,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in 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 in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Public Storage by 4.2% in the 1st 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 purchasing an additional 219,391 shares in the last quarter. APG Asset Management US Inc. increased its stake in Public Storage by 4.8% in the 2nd 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 purchasing an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Public Storage by 8.6% in 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 in the last quarter. Finally, Centersquare Investment Management LLC increased its stake 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 worth $343,573,000 after purchasing an additional 173,975 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of analyst reports. 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 note on Monday, August 5th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Royal Bank of Canada initiated coverage on Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price on the stock. Citigroup lifted their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $337.36.

Public Storage Stock Performance

PSA traded up $0.76 on Friday, hitting $342.83. The company had a trading volume of 445,123 shares, compared to its average volume of 713,884. The company’s fifty day moving average price is $342.30 and its 200 day moving average price is $303.18. Public Storage has a 1-year low of $233.18 and a 1-year high of $369.99. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $60.24 billion, a price-to-earnings ratio of 31.14, a price-to-earnings-growth ratio of 4.90 and a beta of 0.68.

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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the firm posted $4.28 earnings per share. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities analysts predict that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.50%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

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.