Oppenheimer & Co. Inc. Grows Stock Position in Public Storage (NYSE:PSA)

Oppenheimer & Co. Inc. lifted its holdings in shares of Public Storage (NYSE:PSA) by 5.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 8,217 shares of the real estate investment trust’s stock after acquiring an additional 445 shares during the period. Oppenheimer & Co. Inc.’s holdings in Public Storage were worth $2,364,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PSA. EverSource Wealth Advisors LLC raised its stake in shares of Public Storage by 107.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 44 shares during the last quarter. Core Wealth Advisors Inc. purchased a new position in Public Storage during the fourth quarter valued at approximately $30,000. OFI Invest Asset Management purchased a new position in Public Storage during the second quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new position in Public Storage in the second quarter valued at approximately $36,000. Finally, ICA Group Wealth Management LLC purchased a new stake in Public Storage in the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

PSA stock opened at $362.96 on Tuesday. 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 stock’s 50 day moving average price is $321.65 and its 200 day moving average price is $293.66. The firm has a market cap of $63.78 billion, a P/E ratio of 32.97, a PEG ratio of 5.06 and a beta of 0.67. Public Storage has a 1 year low of $233.18 and a 1 year high of $364.61.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $4.28 EPS. On average, sell-side analysts expect that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.31%. Public Storage’s dividend payout ratio is presently 108.99%.

Analysts Set New Price Targets

PSA has been the topic of several analyst reports. Evercore ISI raised their price target on shares of Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research report on Monday. Scotiabank lifted their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Barclays increased their price target on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company boosted their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Royal Bank of Canada began coverage on Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $325.85.

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.