Public Storage (NYSE:PSA) Shares Acquired by Sound Income Strategies LLC

Sound Income Strategies LLC boosted its stake in Public Storage (NYSE:PSA) by 29.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 566 shares of the real estate investment trust’s stock after buying an additional 129 shares during the period. Sound Income Strategies LLC’s holdings in Public Storage were worth $163,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSA. Gold Investment Management Ltd. acquired a new position in Public Storage during the 4th quarter worth $849,000. The Manufacturers Life Insurance Company grew its position in shares of Public Storage by 4.2% during the fourth 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 purchased a new stake in shares of Public Storage during the first quarter worth approximately $7,319,000. Centersquare Investment Management LLC raised its holdings in Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after acquiring an additional 173,975 shares in the last quarter. Finally, Scarborough Advisors LLC purchased a new position in Public Storage in the fourth quarter worth approximately $4,701,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares in the company, valued at $599,485.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the sale, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PSA has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price objective 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. Barclays decreased their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. 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. Evercore ISI boosted their target price on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Finally, Bank of America lowered shares of 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage presently has an average rating of “Hold” and an average price target of $309.92.

Public Storage Stock Performance

NYSE PSA traded up $3.87 during trading on Friday, reaching $317.04. The company’s stock had a trading volume of 558,213 shares, compared to its average volume of 764,356. The business’s fifty day moving average price is $293.13 and its 200-day moving average price is $283.47. Public Storage has a twelve month low of $233.18 and a twelve month high of $318.50. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $55.71 billion, a price-to-earnings ratio of 28.80, a P/E/G ratio of 5.16 and a beta of 0.65.

Public Storage (NYSE:PSA) last issued its quarterly earnings results 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). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the firm earned $4.28 EPS. The business’s revenue was down 1.0% on a year-over-year basis. As a group, analysts anticipate that Public Storage will post 16.76 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared 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 dividend yield of 3.79%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Public Storage Company 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.