726 Shares in Public Storage (NYSE:PSA) Purchased by Transcend Capital Advisors LLC

Transcend Capital Advisors LLC bought a new position in shares of Public Storage (NYSE:PSA) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 726 shares of the real estate investment trust’s stock, valued at approximately $209,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. EverSource Wealth Advisors LLC grew its holdings in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. acquired a new position in Public Storage during the 4th quarter valued at approximately $30,000. EdgeRock Capital LLC acquired a new stake in shares of Public Storage in the fourth quarter valued at approximately $32,000. Turtle Creek Wealth Advisors LLC bought a new position in Public Storage in the 4th quarter valued at about $35,000. Finally, ICA Group Wealth Management LLC bought a new stake in Public Storage in the fourth quarter worth about $37,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Down 1.1 %

Shares of PSA traded down $3.35 during trading hours on Monday, reaching $308.55. 688,271 shares of the company traded hands, compared to its average volume of 716,418. Public Storage has a 12-month low of $233.18 and a 12-month high of $314.93. The firm has a market cap of $54.22 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 4.39 and a beta of 0.65. The stock’s fifty day moving average price is $288.97 and its 200 day moving average price is $282.74. The company has a current ratio of 0.93, a quick ratio of 0.54 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the company earned $4.28 earnings per share. The firm’s revenue was down 1.0% on a year-over-year basis. Sell-side analysts forecast that Public Storage will post 16.8 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders 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 yield of 3.89%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the acquisition, the director now owns 2,149 shares in the company, valued at $599,485.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PSA shares. Evercore ISI boosted their price target on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Scotiabank increased their price target on shares of Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a research report on Friday, July 19th. Barclays cut their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research report on Monday. Finally, Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Public Storage currently has an average rating of “Hold” and a consensus target price of $310.42.

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.