Skandinaviska Enskilda Banken AB publ Acquires 2,248 Shares of Public Storage (NYSE:PSA)

Skandinaviska Enskilda Banken AB publ raised its stake in Public Storage (NYSE:PSA) by 7.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,085 shares of the real estate investment trust’s stock after buying an additional 2,248 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Public Storage were worth $9,517,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Gryphon Financial Partners LLC lifted its holdings in shares of Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after purchasing an additional 38 shares in the last quarter. Signet Financial Management LLC boosted its position in Public Storage by 2.1% during the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after acquiring an additional 39 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Public Storage by 0.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after acquiring an additional 39 shares during the last quarter. Brookstone Capital Management raised its holdings in shares of 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 purchasing an additional 40 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC lifted its position in shares of 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 worth $357,000 after purchasing an additional 42 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Up 0.9 %

Public Storage stock opened at $361.72 on Friday. The company’s 50-day moving average price is $326.92 and its two-hundred day moving average price is $295.74. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market cap of $63.56 billion, a P/E ratio of 32.85, a P/E/G ratio of 5.12 and a beta of 0.67. Public Storage has a twelve month low of $233.18 and a twelve month 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 earnings per share 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 business posted $4.28 EPS. As a group, analysts expect that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.32%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Analyst Ratings Changes

PSA has been the subject of a number of analyst reports. Wells Fargo & Company raised their target price on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Jefferies Financial Group increased their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday. Scotiabank boosted their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Barclays increased their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price 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.