Claro Advisors LLC Invests $853,000 in Public Storage (NYSE:PSA)

Claro Advisors LLC acquired a new stake in shares of Public Storage (NYSE:PSA) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,344 shares of the real estate investment trust’s stock, valued at approximately $853,000.

Other large investors have also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in shares of Public Storage during the 2nd quarter valued at $32,000. Opal Wealth Advisors LLC purchased a new position in Public Storage in the second quarter valued at about $36,000. Riverview Trust Co acquired a new position in Public Storage in the 1st quarter worth about $37,000. Crewe Advisors LLC acquired a new position in Public Storage in the 1st quarter worth about $39,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Public Storage during the 2nd quarter worth about $39,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the subject of several recent research reports. Citigroup boosted their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Jefferies Financial Group boosted their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report 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 price target on the stock. in a report on Monday, August 5th. Royal Bank of Canada initiated coverage on shares of Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective for the company. Finally, Barclays increased their target price on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $337.00.

Public Storage Price Performance

Shares of NYSE:PSA opened at $345.62 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The business has a 50 day moving average price of $345.72 and a 200 day moving average price of $305.06. The company has a market cap of $60.49 billion, a price-to-earnings ratio of 32.39, a PEG ratio of 4.84 and a beta of 0.68. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99.

Public Storage (NYSE:PSA) last posted its quarterly earnings data 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 net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company posted $4.28 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. Research analysts predict that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently disclosed 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. This represents a $12.00 annualized dividend and a dividend yield of 3.47%. The ex-dividend date was Friday, September 13th. Public Storage’s payout ratio is presently 112.46%.

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.