Edgestream Partners L.P. Takes Position in Public Storage (NYSE:PSA)

Edgestream Partners L.P. purchased a new position in shares of Public Storage (NYSE:PSA) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 6,566 shares of the real estate investment trust’s stock, valued at approximately $1,889,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSA. EverSource Wealth Advisors LLC increased its stake in shares of Public Storage by 107.3% in the fourth 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 in the last quarter. Core Wealth Advisors Inc. acquired a new stake in Public Storage in the 4th quarter valued at about $30,000. OFI Invest Asset Management bought a new position in shares of Public Storage in the second quarter worth about $32,000. ICA Group Wealth Management LLC acquired a new position in shares of Public Storage during the fourth quarter worth approximately $37,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Public Storage during the second quarter valued at approximately $36,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on PSA shares. Evercore ISI increased their price objective on Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research report on Monday. Barclays lifted their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Wells Fargo & Company boosted their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $332.71.

Public Storage Stock Down 0.6 %

Shares of Public Storage stock opened at $358.62 on Friday. The company has a market capitalization of $62.77 billion, a P/E ratio of 32.57, a price-to-earnings-growth ratio of 5.12 and a beta of 0.67. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The business has a 50-day moving average of $325.73 and a two-hundred day moving average of $295.10. Public Storage has a 1 year low of $233.18 and a 1 year high of $366.29.

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 analyst estimates 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 quarter last year, the business posted $4.28 earnings per share. As a group, equities analysts predict that Public Storage will post 16.73 EPS for the current year.

Public Storage Dividend Announcement

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 paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio 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.