Ieq Capital LLC Has $3.94 Million Stock Holdings in Public Storage (NYSE:PSA)

Ieq Capital LLC grew its holdings in shares of Public Storage (NYSE:PSA) by 7.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,695 shares of the real estate investment trust’s stock after buying an additional 934 shares during the quarter. Ieq Capital LLC’s holdings in Public Storage were worth $3,939,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in Public Storage by 35.4% during the 2nd quarter. Brighton Jones LLC now owns 2,079 shares of the real estate investment trust’s stock worth $598,000 after purchasing an additional 543 shares in the last quarter. Inspire Investing LLC boosted its position in shares of Public Storage by 161.6% during the second quarter. Inspire Investing LLC now owns 4,709 shares of the real estate investment trust’s stock valued at $1,355,000 after buying an additional 2,909 shares during the last quarter. XTX Topco Ltd grew its holdings in Public Storage by 173.3% during the second quarter. XTX Topco Ltd now owns 1,905 shares of the real estate investment trust’s stock worth $548,000 after buying an additional 1,208 shares in the last quarter. Elo Mutual Pension Insurance Co raised its position in Public Storage by 7.1% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 15,486 shares of the real estate investment trust’s stock valued at $4,455,000 after buying an additional 1,026 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in Public Storage by 9.5% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 10,154 shares of the real estate investment trust’s stock valued at $2,903,000 after acquiring an additional 882 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

NYSE PSA opened at $361.72 on Friday. The company has a market cap of $63.56 billion, a PE ratio of 32.85, a price-to-earnings-growth ratio of 5.12 and a beta of 0.67. 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 firm’s 50-day simple moving average is $326.92 and its two-hundred 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.

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

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors 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 dividend on an annualized basis and a dividend yield of 3.32%. Public Storage’s payout ratio is 108.99%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Jefferies Financial Group lifted 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. Citigroup upped their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Evercore ISI lifted their price target on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $332.71.

Public Storage Company 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.