Rathbones Group PLC Buys 554 Shares of Public Storage (NYSE:PSA)

Rathbones Group PLC raised its stake in Public Storage (NYSE:PSA) by 7.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,115 shares of the real estate investment trust’s stock after buying an additional 554 shares during the period. Rathbones Group PLC’s holdings in Public Storage were worth $2,334,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its position in Public Storage by 107.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 44 shares during the last quarter. Core Wealth Advisors Inc. bought a new stake in shares of Public Storage during the fourth quarter worth about $30,000. OFI Invest Asset Management acquired a new position in shares of Public Storage in the second quarter valued at approximately $32,000. ICA Group Wealth Management LLC bought a new position in Public Storage in the 4th quarter valued at approximately $37,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Public Storage during the 2nd quarter worth approximately $36,000. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PSA shares. Scotiabank upped 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. Evercore ISI raised their target price on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research report on Monday. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Barclays upped their target price on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Wells Fargo & Company upped their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $325.85.

Public Storage Stock Up 1.1 %

PSA stock opened at $362.96 on Tuesday. The stock’s 50 day simple moving average is $321.65 and its 200 day simple moving average is $293.66. The company has a market cap of $63.78 billion, a P/E ratio of 32.97, a price-to-earnings-growth ratio of 5.06 and a beta of 0.67. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $364.61.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates 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 company earned $4.28 earnings per share. On average, research analysts expect that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm 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 dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is presently 108.99%.

About Public Storage

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.