Public Storage (NYSE:PSA) Shares Bought by Truist Financial Corp

Truist Financial Corp increased its holdings in Public Storage (NYSE:PSA) by 4.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 30,772 shares of the real estate investment trust’s stock after buying an additional 1,361 shares during the period. Truist Financial Corp’s holdings in Public Storage were worth $8,851,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of PSA. Global Assets Advisory LLC acquired a new stake in shares of Public Storage in the 1st quarter worth about $7,319,000. Centersquare Investment Management LLC lifted its holdings in Public Storage by 17.2% in 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 purchasing an additional 173,975 shares during the period. Scarborough Advisors LLC bought a new position in Public Storage in the 4th quarter valued at about $4,701,000. Manning & Napier Advisors LLC acquired a new position in shares of Public Storage during the second quarter valued at approximately $14,301,000. Finally, PGGM Investments lifted its position in Public Storage by 8.0% in the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after purchasing an additional 12,396 shares during the period. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Evercore ISI lifted their target price on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Morgan Stanley raised their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Wells Fargo & Company boosted their target price on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $337.36.

Public Storage Trading Down 2.2 %

Shares of NYSE:PSA opened at $345.40 on Friday. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99. The firm has a fifty day moving average price of $338.05 and a 200 day moving average price of $300.85. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $60.45 billion, a PE ratio of 31.37, a P/E/G ratio of 5.01 and a beta of 0.68.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the company earned $4.28 earnings per share. The firm’s revenue was down 1.0% on a year-over-year basis. Analysts expect that Public Storage will post 16.74 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared 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 (DPR) is presently 108.99%.

Public Storage 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.