Weaver Capital Management LLC Buys 1,674 Shares of Public Storage (NYSE:PSA)

Weaver Capital Management LLC increased its stake in shares of Public Storage (NYSE:PSA) by 47.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,176 shares of the real estate investment trust’s stock after purchasing an additional 1,674 shares during the quarter. Weaver Capital Management LLC’s holdings in Public Storage were worth $1,489,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings in Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 44 shares during the period. Core Wealth Advisors Inc. acquired a new stake in Public Storage in the fourth quarter worth $30,000. EdgeRock Capital LLC acquired a new stake in Public Storage in the fourth quarter worth $32,000. OFI Invest Asset Management acquired a new stake in Public Storage in the second quarter worth $32,000. Finally, ICA Group Wealth Management LLC acquired a new stake in Public Storage in the fourth quarter worth $37,000. 78.79% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.00% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $341.68 on Wednesday. Public Storage has a twelve month low of $233.18 and a twelve month high of $345.08. 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 company has a 50-day simple moving average of $309.73 and a two-hundred day simple moving average of $289.19. The stock has a market capitalization of $59.80 billion, a price-to-earnings ratio of 31.03, a price-to-earnings-growth ratio of 5.69 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 for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter last year, the firm earned $4.28 EPS. Analysts forecast that Public Storage will post 16.72 EPS for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is presently 108.99%.

Wall Street Analyst Weigh In

PSA has been the topic of a number of research analyst reports. Scotiabank raised their price objective 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. Evercore ISI raised their target price on shares of Public Storage from $330.00 to $334.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Truist Financial downgraded 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 report on Thursday, August 1st. Barclays raised their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $323.77.

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.