Meiji Yasuda Asset Management Co Ltd. Buys 252 Shares of Public Storage (NYSE:PSA)

Meiji Yasuda Asset Management Co Ltd. grew its stake in Public Storage (NYSE:PSA) by 6.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,112 shares of the real estate investment trust’s stock after purchasing an additional 252 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Public Storage were worth $1,183,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Gold Investment Management Ltd. bought a new stake in Public Storage during the 4th quarter worth approximately $849,000. The Manufacturers Life Insurance Company lifted its holdings in Public Storage by 4.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock worth $39,373,000 after buying an additional 5,239 shares in the last quarter. Global Assets Advisory LLC acquired a new position in Public Storage during the 1st quarter worth $7,319,000. Centersquare Investment Management LLC lifted its holdings in Public Storage by 17.2% during the 1st 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 in the last quarter. Finally, Scarborough Advisors LLC acquired a new position in Public Storage during the 4th quarter worth $4,701,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PSA shares. Scotiabank upped their price objective on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. Royal Bank of Canada initiated coverage on Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target on the stock. Evercore ISI increased their price target on Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research note on Monday. Finally, Wells Fargo & Company increased their price target on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $332.71.

Public Storage Price Performance

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

Public Storage (NYSE:PSA) last released its 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). The firm 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%. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the company posted $4.28 EPS. Equities analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is 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.