Trust Point Inc. Acquires Shares of 616 Public Storage (NYSE:PSA)

Trust Point Inc. acquired a new stake in shares of Public Storage (NYSE:PSA) in the third quarter, Holdings Channel reports. The firm acquired 616 shares of the real estate investment trust’s stock, valued at approximately $224,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Claro Advisors LLC purchased a new position in shares of Public Storage during the third quarter valued at $853,000. V Square Quantitative Management LLC grew its holdings in Public Storage by 11.2% during the 3rd quarter. V Square Quantitative Management LLC now owns 1,306 shares of the real estate investment trust’s stock worth $475,000 after acquiring an additional 132 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Public Storage by 6.0% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,163 shares of the real estate investment trust’s stock valued at $18,617,000 after purchasing an additional 2,890 shares during the period. Ellsworth Advisors LLC raised its holdings in shares of Public Storage by 2.7% in the 3rd quarter. Ellsworth Advisors LLC now owns 22,353 shares of the real estate investment trust’s stock valued at $8,134,000 after purchasing an additional 591 shares in the last quarter. Finally, Secure Asset Management LLC purchased a new stake in shares of Public Storage in the 3rd quarter worth approximately $212,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.1 %

NYSE PSA opened at $345.62 on Friday. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99. The company has a fifty day simple moving average of $345.72 and a two-hundred day simple moving average of $305.21. 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 stock has a market cap of $60.73 billion, a P/E ratio of 31.39, a P/E/G ratio of 4.84 and a beta of 0.68.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the business earned $4.28 EPS. On average, analysts forecast that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Analyst Upgrades and Downgrades

PSA has been the topic of several research reports. Citigroup lifted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Royal Bank of Canada began coverage on Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target for the company. Morgan Stanley lifted their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Scotiabank increased their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. One 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $337.00.

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.