Eastern Bank Purchases Shares of 1,530 Public Storage (NYSE:PSA)

Eastern Bank acquired a new position in shares of Public Storage (NYSE:PSA) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,530 shares of the real estate investment trust’s stock, valued at approximately $557,000.

A number of other institutional investors also recently made changes to their positions in the company. Petredis Investment Advisors LLC lifted its holdings in Public Storage by 0.4% during the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after purchasing an additional 30 shares during the last quarter. Signet Financial Management LLC boosted its position in shares of Public Storage by 2.1% in the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after acquiring an additional 39 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of 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 valued at $1,201,000 after acquiring an additional 39 shares in the last quarter. Brookstone Capital Management grew its stake in shares of Public Storage by 3.4% in the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after acquiring an additional 40 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC boosted its holdings in Public Storage by 3.5% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after purchasing an additional 42 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of Public Storage stock opened at $339.77 on Thursday. The company’s 50 day moving average price is $346.82 and its two-hundred day moving average price is $306.35. The firm has a market capitalization of $59.71 billion, a P/E ratio of 30.86, a P/E/G ratio of 4.87 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $369.99.

Public Storage (NYSE:PSA) last issued its quarterly earnings data 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 the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.28 EPS. On average, equities analysts forecast 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. Investors of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.53%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PSA. Jefferies Financial Group raised their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Wells Fargo & Company upped their target price on Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a research report on Monday. Royal Bank of Canada assumed coverage on Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target on the stock. 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 report on Thursday, August 1st. Finally, Evercore ISI decreased their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $340.93.

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.