Choreo LLC Acquires Shares of 1,679 Public Storage (NYSE:PSA)

Choreo LLC purchased a new stake in Public Storage (NYSE:PSA) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,679 shares of the real estate investment trust’s stock, valued at approximately $476,000.

Other institutional investors have also made changes to their positions in the company. Gryphon Financial Partners LLC raised its holdings in Public Storage by 2.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after purchasing an additional 38 shares during the last quarter. Signet Financial Management LLC raised its holdings in Public Storage by 2.1% during the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after purchasing an additional 39 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Public Storage by 0.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after purchasing an additional 39 shares during the last quarter. Brookstone Capital Management raised its holdings in Public Storage by 3.4% during the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after purchasing an additional 40 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC raised its holdings in Public Storage by 3.5% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 42 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Up 0.0 %

Shares of Public Storage stock opened at $359.16 on Monday. Public Storage has a 12-month low of $233.18 and a 12-month high of $361.23. The business’s 50 day moving average is $320.20 and its 200-day moving average is $293.11. 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 stock has a market cap of $62.86 billion, a P/E ratio of 32.62, a P/E/G ratio of 5.06 and a beta of 0.67.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter last year, the company posted $4.28 EPS. The firm’s revenue was down 1.0% on a year-over-year basis. Equities research 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 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 3.34%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Citigroup boosted their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Barclays boosted their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Wells Fargo & Company boosted their target price on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Scotiabank boosted their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $325.15.

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.