Public Storage (NYSE:PSA) Shares Bought by Sei Investments Co.

Sei Investments Co. lifted its position in shares of Public Storage (NYSE:PSA) by 1.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 274,471 shares of the real estate investment trust’s stock after purchasing an additional 4,204 shares during the period. Sei Investments Co. owned about 0.16% of Public Storage worth $78,952,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PSA. Gold Investment Management Ltd. purchased a new position in Public Storage in the 4th quarter valued at about $849,000. The Manufacturers Life Insurance Company grew its stake in Public Storage by 4.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock valued at $39,373,000 after purchasing an additional 5,239 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in Public Storage during the 1st quarter valued at approximately $7,319,000. Centersquare Investment Management LLC increased its holdings in Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares during the last quarter. Finally, Scarborough Advisors LLC acquired a new position in shares of Public Storage in the 4th quarter valued at approximately $4,701,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Barclays upped their price target on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. 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 report on Monday, August 5th. Scotiabank lifted 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. Wells Fargo & Company raised their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Jefferies Financial Group increased their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.08.

Public Storage Stock Performance

Shares of PSA stock opened at $361.72 on Friday. Public Storage has a 12-month low of $233.18 and a 12-month high of $366.29. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $63.56 billion, a price-to-earnings ratio of 32.85, a price-to-earnings-growth ratio of 5.12 and a beta of 0.67. The business has a 50 day simple moving average of $326.92 and a 200 day simple moving average of $295.74.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period last year, the business posted $4.28 earnings per share. On average, equities research analysts anticipate that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

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