Public Storage (NYSE:PSA) Stake Boosted by Abich Financial Wealth Management LLC

Abich Financial Wealth Management LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 37.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 594 shares of the real estate investment trust’s stock after purchasing an additional 163 shares during the period. Abich Financial Wealth Management LLC’s holdings in Public Storage were worth $171,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Gold Investment Management Ltd. bought a new stake in shares of Public Storage during the 4th quarter valued at about $849,000. The Manufacturers Life Insurance Company grew its holdings in shares of Public Storage by 4.2% during the fourth 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 during the last quarter. Global Assets Advisory LLC acquired a new stake in shares of Public Storage during the 1st quarter worth approximately $7,319,000. Centersquare Investment Management LLC lifted its holdings in shares of Public Storage by 17.2% in 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 bought a new stake in shares of Public Storage in the 4th quarter worth approximately $4,701,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Evercore ISI upped their price objective on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Barclays upped their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada assumed coverage on Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $339.08.

Public Storage Price Performance

NYSE:PSA opened at $361.99 on Wednesday. Public Storage has a 52-week low of $233.18 and a 52-week high of $366.80. 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 has a market cap of $63.36 billion, a P/E ratio of 32.88, a PEG ratio of 5.14 and a beta of 0.67. The business’s 50-day moving average price is $329.30 and its 200 day moving average price is $296.87.

Public Storage (NYSE:PSA) last released its 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 during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.28 earnings per share. As a group, sell-side analysts predict that Public Storage will post 16.75 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

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.