Frank Rimerman Advisors LLC Has $688,000 Position in Public Storage (NYSE:PSA)

Frank Rimerman Advisors LLC increased its stake in Public Storage (NYSE:PSA) by 34,085.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,393 shares of the real estate investment trust’s stock after purchasing an additional 2,386 shares during the period. Frank Rimerman Advisors LLC’s holdings in Public Storage were worth $688,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PSA. ProShare Advisors LLC lifted its stake in shares of Public Storage by 5.6% during the second quarter. ProShare Advisors LLC now owns 33,091 shares of the real estate investment trust’s stock valued at $9,519,000 after acquiring an additional 1,762 shares during the period. Profund Advisors LLC raised its holdings in Public Storage by 2.7% during the 2nd quarter. Profund Advisors LLC now owns 2,517 shares of the real estate investment trust’s stock worth $724,000 after purchasing an additional 66 shares during the last quarter. Alaethes Wealth LLC boosted its stake in shares of Public Storage by 9.2% in the 2nd quarter. Alaethes Wealth LLC now owns 3,517 shares of the real estate investment trust’s stock valued at $1,012,000 after purchasing an additional 295 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of Public Storage by 6.3% in the 2nd quarter. Westwood Holdings Group Inc. now owns 79,038 shares of the real estate investment trust’s stock valued at $22,735,000 after purchasing an additional 4,655 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its position in shares of Public Storage by 20.7% during the 2nd quarter. Summit Trail Advisors LLC now owns 1,343 shares of the real estate investment trust’s stock worth $386,000 after buying an additional 230 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA opened at $365.01 on Tuesday. The firm has a market cap of $64.14 billion, a P/E ratio of 33.15, a PEG ratio of 5.12 and a beta of 0.67. Public Storage has a twelve month low of $233.18 and a twelve month 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 firm’s 50 day moving average price is $328.18 and its two-hundred day moving average price is $296.38.

Public Storage (NYSE:PSA) last posted 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). The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.28 earnings per share. On average, analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

Analyst Ratings Changes

A number of brokerages have issued reports on PSA. Jefferies Financial Group raised their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Wells Fargo & Company lifted their price objective on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Barclays upped their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Scotiabank raised their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Finally, Evercore ISI upped their price target on Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.08.

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.