NBC Securities Inc. Purchases 143 Shares of Public Storage (NYSE:PSA)

NBC Securities Inc. grew its position in Public Storage (NYSE:PSA) by 51.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 422 shares of the real estate investment trust’s stock after purchasing an additional 143 shares during the period. NBC Securities Inc.’s holdings in Public Storage were worth $153,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PSA. Vanguard Group Inc. boosted its position in Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares in the last quarter. APG Asset Management US Inc. lifted its position 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 buying an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Public Storage by 8.6% in the second 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 acquiring an additional 95,080 shares during the last quarter. Finally, Centersquare Investment Management LLC raised its holdings in 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 acquiring an additional 173,975 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Wells Fargo & Company boosted their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Citigroup increased their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Morgan Stanley boosted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. 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 note on Thursday, August 22nd. Finally, Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. One research 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $337.00.

Public Storage Price Performance

Shares of Public Storage stock opened at $345.62 on Friday. The company has a 50-day simple moving average of $345.72 and a two-hundred day simple moving average of $305.21. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99. The stock has a market capitalization of $60.73 billion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (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 quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $4.28 earnings per share. Analysts forecast that Public Storage will post 16.73 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 paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.47%. Public Storage’s payout ratio is 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.