Benjamin F. Edwards & Company Inc. Acquires 758 Shares of Public Storage (NYSE:PSA)

Benjamin F. Edwards & Company Inc. increased its holdings in shares of Public Storage (NYSE:PSA) by 10.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,248 shares of the real estate investment trust’s stock after buying an additional 758 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Public Storage were worth $2,372,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Gryphon Financial Partners LLC boosted its holdings in Public Storage by 2.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after purchasing an additional 38 shares during the last quarter. Signet Financial Management LLC boosted its holdings in Public Storage by 2.1% during the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after purchasing an additional 39 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Public Storage by 0.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after purchasing an additional 39 shares during the last quarter. Brookstone Capital Management lifted its stake in Public Storage by 3.4% in the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after acquiring an additional 40 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC lifted its stake in Public Storage by 3.5% in the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after acquiring an additional 42 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

NYSE:PSA opened at $361.72 on Friday. Public Storage has a 52 week low of $233.18 and a 52 week high of $366.29. The firm has a market cap of $63.56 billion, a price-to-earnings ratio of 32.85, a P/E/G ratio of 5.12 and a beta of 0.67. The firm’s 50-day simple moving average is $326.92 and its 200 day simple moving average is $295.74. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last released 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). 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 during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the business earned $4.28 earnings per share. Public Storage’s quarterly revenue was down 1.0% compared to the same quarter last year. As a group, sell-side analysts predict that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.32%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. 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. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. Evercore ISI raised their target price on shares of Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Jefferies Financial Group raised their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Barclays raised their target price on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, six have assigned 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 stock has a consensus rating of “Moderate Buy” and an average price target of $339.08.

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.