Chesapeake Wealth Management Acquires 111 Shares of Public Storage (NYSE:PSA)

Chesapeake Wealth Management lifted its stake in Public Storage (NYSE:PSA) by 8.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,505 shares of the real estate investment trust’s stock after purchasing an additional 111 shares during the period. Chesapeake Wealth Management’s holdings in Public Storage were worth $433,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in 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 worth $26,000 after buying an additional 44 shares during the last quarter. Core Wealth Advisors Inc. bought a new position in Public Storage during the 4th quarter worth approximately $30,000. OFI Invest Asset Management acquired a new position in Public Storage during the second quarter valued at approximately $32,000. Opal Wealth Advisors LLC bought a new stake in Public Storage in the second quarter valued at approximately $36,000. Finally, ICA Group Wealth Management LLC acquired a new stake in Public Storage in the fourth quarter worth $37,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the subject of several research analyst reports. Citigroup boosted their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Scotiabank increased their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Finally, Barclays raised their target price on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have issued 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $332.71.

Public Storage Price Performance

NYSE:PSA opened at $361.72 on Friday. The stock’s 50-day simple moving average is $326.92 and its 200 day simple moving average is $295.63. Public Storage has a 52-week low of $233.18 and a 52-week high of $366.29. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $63.56 billion, a P/E ratio of 32.85, a P/E/G ratio of 5.12 and a beta of 0.67.

Public Storage (NYSE:PSA) last announced its quarterly earnings data 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). 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 for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the company earned $4.28 EPS. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, sell-side analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.32%. Public Storage’s dividend payout ratio is presently 108.99%.

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.