Dakota Wealth Management Makes New Investment in Public Storage (NYSE:PSA)

Dakota Wealth Management bought a new stake in shares of Public Storage (NYSE:PSA) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 596 shares of the real estate investment trust’s stock, valued at approximately $217,000.

Other large investors also recently modified their holdings of the company. OFI Invest Asset Management acquired a new stake in Public Storage during the second quarter worth about $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage in the second quarter valued at approximately $36,000. Crewe Advisors LLC acquired a new position in Public Storage during the first quarter valued at approximately $39,000. EdgeRock Capital LLC bought a new stake in Public Storage during the second quarter worth $39,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in shares of Public Storage in the 3rd quarter valued at $50,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of Public Storage stock opened at $336.61 on Tuesday. The business has a 50-day moving average price of $347.85 and a two-hundred day moving average price of $307.66. Public Storage has a 1-year low of $233.18 and a 1-year high of $369.99. 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 company has a market cap of $58.91 billion, a P/E ratio of 31.55, a PEG ratio of 4.74 and a beta of 0.68.

Public Storage (NYSE:PSA) last posted its quarterly 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 business 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%. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.28 earnings per share. As a group, analysts anticipate that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is currently 112.46%.

Analysts Set New Price Targets

A number of research firms have recently commented on PSA. Evercore ISI dropped their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Scotiabank raised 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 note on Thursday, August 22nd. Wells Fargo & Company upped their price objective on shares of Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Barclays raised their target price on shares of Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Morgan Stanley upped their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $341.43.

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.