Westwood Holdings Group Inc. Buys 4,655 Shares of Public Storage (NYSE:PSA)

Westwood Holdings Group Inc. raised its stake in Public Storage (NYSE:PSA) by 6.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 79,038 shares of the real estate investment trust’s stock after acquiring an additional 4,655 shares during the period. Westwood Holdings Group Inc.’s holdings in Public Storage were worth $22,735,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Gold Investment Management Ltd. bought a new stake in shares of Public Storage in the 4th quarter worth about $849,000. The Manufacturers Life Insurance Company increased its holdings in shares of Public Storage by 4.2% in 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 during the last quarter. Global Assets Advisory LLC bought a new stake in shares of Public Storage in the 1st quarter worth about $7,319,000. Centersquare Investment Management LLC increased its holdings in shares of Public Storage by 17.2% in 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 during the last quarter. Finally, Scarborough Advisors LLC bought a new stake in shares of Public Storage in the 4th quarter worth about $4,701,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Scotiabank boosted their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Barclays raised their price objective 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. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Evercore ISI raised their price objective 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. Finally, Royal Bank of Canada began coverage on shares of Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $339.08.

Public Storage Stock Performance

Public Storage stock opened at $361.72 on Friday. The company has a 50 day moving average price of $326.92 and a 200-day moving average price of $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 has a fifty-two week low of $233.18 and a fifty-two week high of $366.29. The company has a market capitalization of $63.56 billion, a PE ratio of 32.85, a P/E/G ratio of 5.12 and a beta of 0.67.

Public Storage (NYSE:PSA) last issued its quarterly earnings data 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 business had revenue of $921.70 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the business earned $4.28 earnings per share. As a group, equities analysts forecast that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.32%. 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.