Procyon Advisors LLC Has $3 Million Stake in Public Storage (NYSE:PSA)

Procyon Advisors LLC lowered its position in Public Storage (NYSE:PSA) by 1.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,239 shares of the real estate investment trust’s stock after selling 122 shares during the quarter. Procyon Advisors LLC’s holdings in Public Storage were worth $2,997,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. OFI Invest Asset Management bought a new position in shares of Public Storage during the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the 2nd quarter worth approximately $36,000. Riverview Trust Co bought a new position in shares of Public Storage during the 1st quarter worth approximately $37,000. Crewe Advisors LLC bought a new position in shares of Public Storage during the 1st quarter worth approximately $39,000. Finally, EdgeRock Capital LLC bought a new position in shares of Public Storage during the 2nd quarter worth approximately $39,000. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PSA shares. Jefferies Financial Group raised their target price on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada initiated coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target for the company. Scotiabank raised their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Finally, Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $337.00.

Public Storage Price Performance

Public Storage stock opened at $342.83 on Monday. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99. The stock’s 50 day moving average is $342.30 and its 200-day moving average is $303.29. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The company has a market capitalization of $60.00 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 4.82 and a beta of 0.68.

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 the consensus estimate of $1.16 billion. During the same quarter last year, the firm posted $4.28 earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis. Equities research analysts expect that Public Storage will post 16.73 EPS for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.50%. Public Storage’s payout ratio is 112.46%.

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.