Weaver Capital Management LLC Acquires 147 Shares of Public Storage (NYSE:PSA)

Weaver Capital Management LLC lifted its holdings in shares of Public Storage (NYSE:PSA) by 2.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,323 shares of the real estate investment trust’s stock after purchasing an additional 147 shares during the quarter. Weaver Capital Management LLC’s holdings in Public Storage were worth $1,937,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Public Storage by 1.0% during 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 purchasing an additional 217,487 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Public Storage by 4.2% during 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. lifted 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 valued at $623,485,000 after purchasing an additional 100,000 shares during the last quarter. Canada Pension Plan Investment Board boosted its position 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 buying an additional 95,080 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its stake in shares of Public Storage by 17.2% during 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 buying an additional 173,975 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the topic of several recent research reports. Citigroup raised their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Jefferies Financial Group boosted their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Morgan Stanley raised their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada assumed coverage on shares of Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target for the company. Finally, Bank of America lowered 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. One analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and an average price target of $340.93.

Public Storage Trading Up 0.9 %

NYSE:PSA opened at $334.98 on Wednesday. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $58.63 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 4.87 and a beta of 0.68. The firm has a fifty day simple moving average of $346.44 and a two-hundred day simple moving average of $306.11.

Public Storage (NYSE:PSA) last issued its 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 net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.28 earnings per share. Analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio is currently 112.46%.

About Public Storage

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.