Exchange Traded Concepts LLC Buys 85 Shares of Public Storage (NYSE:PSA)

Exchange Traded Concepts LLC lifted its stake in shares of Public Storage (NYSE:PSA) by 4.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,953 shares of the real estate investment trust’s stock after purchasing an additional 85 shares during the period. Exchange Traded Concepts LLC’s holdings in Public Storage were worth $711,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. City State Bank bought a new stake in Public Storage in the 3rd quarter valued at $156,000. Ritholtz Wealth Management raised its stake in Public Storage by 28.7% in the 3rd quarter. Ritholtz Wealth Management now owns 5,552 shares of the real estate investment trust’s stock valued at $2,020,000 after acquiring an additional 1,238 shares during the period. Valeo Financial Advisors LLC raised its stake in Public Storage by 17.4% in the 3rd quarter. Valeo Financial Advisors LLC now owns 999 shares of the real estate investment trust’s stock valued at $364,000 after acquiring an additional 148 shares during the period. Fiduciary Financial Group LLC raised its stake in Public Storage by 5.4% in the 3rd quarter. Fiduciary Financial Group LLC now owns 1,165 shares of the real estate investment trust’s stock valued at $405,000 after acquiring an additional 60 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its stake in Public Storage by 347.8% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,030 shares of the real estate investment trust’s stock valued at $375,000 after acquiring an additional 800 shares during the period. Institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

PSA has been the topic of a number of research analyst reports. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday, August 5th. Scotiabank increased their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Morgan Stanley upped their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Evercore ISI decreased their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Finally, Wells Fargo & Company upped their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $337.00.

Public Storage Stock Performance

NYSE:PSA opened at $345.62 on Friday. The stock’s 50-day simple moving average is $345.72 and its 200 day simple moving average is $305.06. The firm has a market capitalization of $60.49 billion, a PE ratio of 32.39, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to analyst estimates 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 last year, the business earned $4.28 earnings per share. On average, analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.47%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

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.