Elo Mutual Pension Insurance Co Buys 1,026 Shares of Public Storage (NYSE:PSA)

Elo Mutual Pension Insurance Co grew its stake in Public Storage (NYSE:PSA) by 7.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,486 shares of the real estate investment trust’s stock after acquiring an additional 1,026 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Public Storage were worth $4,455,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new position in shares of Public Storage during the fourth quarter valued at approximately $30,000. OFI Invest Asset Management bought a new position in shares of Public Storage during the second quarter valued at approximately $32,000. ICA Group Wealth Management LLC bought a new position in shares of Public Storage during the fourth quarter valued at approximately $37,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the second quarter valued at approximately $36,000. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PSA shares. Evercore ISI increased their price objective on shares of Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research note on Monday. Citigroup increased their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Wells Fargo & Company increased their target price on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Royal Bank of Canada began coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price for the company. Finally, Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $332.71.

Public Storage Trading Up 0.9 %

NYSE PSA opened at $360.72 on Thursday. The company has a fifty day simple moving average of $324.49 and a two-hundred day simple moving average of $294.65. The stock has a market cap of $63.39 billion, a P/E ratio of 32.76, a P/E/G ratio of 5.06 and a beta of 0.67. Public Storage has a 12-month low of $233.18 and a 12-month high of $366.29. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $4.28 EPS. On average, analysts forecast that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.33%. Public Storage’s dividend payout ratio is currently 108.99%.

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.