Lwmg LLC Invests $268,000 in Public Storage (NYSE:PSA)

Lwmg LLC purchased a new stake in Public Storage (NYSE:PSA) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 736 shares of the real estate investment trust’s stock, valued at approximately $268,000.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after buying an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Public Storage by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares during the period. APG Asset Management US Inc. increased its holdings in Public Storage by 4.8% during the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after purchasing an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Public Storage by 8.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after purchasing an additional 95,080 shares during the period. Finally, Centersquare Investment Management LLC boosted its position in shares of Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after buying an additional 173,975 shares during the period. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Barclays raised their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lifted their price target on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. Finally, Scotiabank lifted their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $337.36.

Public Storage Stock Performance

PSA traded down $7.60 during trading hours on Friday, reaching $345.40. The company’s stock had a trading volume of 823,083 shares, compared to its average volume of 718,850. 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’s 50-day moving average is $338.05 and its 200-day moving average is $300.69. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. The firm has a market cap of $60.70 billion, a PE ratio of 31.36, a price-to-earnings-growth ratio of 5.02 and a beta of 0.68.

Public Storage (NYSE:PSA) last announced its earnings results 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 for 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 business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $4.28 EPS. On average, equities analysts forecast that Public Storage will post 16.75 EPS for the current year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend 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.