Exchange Traded Concepts LLC Purchases 85 Shares of Public Storage (NYSE:PSA)

Exchange Traded Concepts LLC raised its position in Public Storage (NYSE:PSA) by 4.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,953 shares of the real estate investment trust’s stock after purchasing an additional 85 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Public Storage were worth $711,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PSA. OFI Invest Asset Management bought a new position in Public Storage in the second quarter valued at about $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage in the second quarter valued at about $36,000. Riverview Trust Co bought a new position in Public Storage in the first quarter valued at about $37,000. Crewe Advisors LLC bought a new position in Public Storage in the first quarter valued at about $39,000. Finally, EdgeRock Capital LLC bought a new position in shares of Public Storage during the second quarter worth about $39,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Trading Up 0.1 %

Shares of Public Storage stock opened at $345.62 on Friday. The company has a market capitalization of $60.49 billion, a P/E ratio of 32.39, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68. 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 fifty day simple moving average of $345.72 and a 200 day simple moving average of $305.06. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter last year, the company earned $4.28 EPS. On average, sell-side analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid 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 3.47%. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. Wells Fargo & Company raised their price objective on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Jefferies Financial Group raised their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Finally, Citigroup raised their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.