Patrick M Sweeney & Associates Inc. Boosts Stock Position in Public Storage (NYSE:PSA)

Patrick M Sweeney & Associates Inc. grew its holdings in shares of Public Storage (NYSE:PSA) by 14.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,039 shares of the real estate investment trust’s stock after buying an additional 130 shares during the quarter. Patrick M Sweeney & Associates Inc.’s holdings in Public Storage were worth $378,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PSA. Petredis Investment Advisors LLC lifted its stake in Public Storage by 0.4% in the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock valued at $2,497,000 after acquiring an additional 30 shares during the last quarter. Signet Financial Management LLC lifted its stake in shares of Public Storage by 2.1% in the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after purchasing an additional 39 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Public Storage by 0.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after purchasing an additional 39 shares in the last quarter. Brookstone Capital Management increased its position in Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after buying an additional 40 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC raised its holdings in Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after buying 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 1.4 %

NYSE PSA opened at $339.77 on Thursday. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99. 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 stock has a market cap of $59.71 billion, a PE ratio of 30.86, a PEG ratio of 4.87 and a beta of 0.68. The firm has a 50-day simple moving average of $346.82 and a 200 day simple moving average of $306.35.

Public Storage (NYSE:PSA) last announced 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 firm had revenue of $921.70 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the business posted $4.28 EPS. On average, research analysts forecast that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.53%. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

Wall Street Analyst Weigh In

PSA has been the subject of several recent analyst reports. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. Citigroup increased their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research note on Thursday, August 1st. Wells Fargo & Company raised their target price on shares of Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Scotiabank boosted their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $340.93.

Public Storage 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.