800 Shares in Public Storage (NYSE:PSA) Acquired by Searle & CO.

Searle & CO. acquired a new stake in shares of Public Storage (NYSE:PSA) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 800 shares of the real estate investment trust’s stock, valued at approximately $230,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new stake in shares of Public Storage in the 4th quarter valued at $3,112,000. Atria Wealth Solutions Inc. boosted its stake in shares of Public Storage by 34.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 5,579 shares of the real estate investment trust’s stock worth $1,702,000 after acquiring an additional 1,416 shares in the last quarter. Silver Oak Securities Incorporated acquired a new position in shares of Public Storage during the 4th quarter valued at about $210,000. Van ECK Associates Corp raised its stake in shares of Public Storage by 12.2% in the 4th quarter. Van ECK Associates Corp now owns 92,109 shares of the real estate investment trust’s stock valued at $28,093,000 after acquiring an additional 10,025 shares in the last quarter. Finally, Mission Wealth Management LP lifted its holdings in Public Storage by 12.9% in the 4th quarter. Mission Wealth Management LP now owns 981 shares of the real estate investment trust’s stock worth $299,000 after purchasing an additional 112 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of research analyst reports. Barclays raised their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Evercore ISI raised their price objective on shares of Public Storage from $330.00 to $334.00 and gave the stock an “in-line” rating in a research note on Wednesday. Scotiabank upped their target price 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. Citigroup increased their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday. Finally, Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $323.77.

Public Storage Price Performance

Public Storage stock traded up $2.00 during mid-day trading on Friday, hitting $343.72. 942,084 shares of the company were exchanged, compared to its average volume of 711,902. The company has a market capitalization of $60.40 billion, a PE ratio of 31.22, a price-to-earnings-growth ratio of 5.28 and a beta of 0.65. The business has a fifty day moving average of $306.61 and a 200 day moving average of $287.79. Public Storage has a 1-year low of $233.18 and a 1-year high of $344.32. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

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 the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company posted $4.28 earnings per share. Public Storage’s quarterly revenue was down 1.0% compared to the same quarter last year. As a group, sell-side analysts expect that Public Storage will post 16.74 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. Stockholders of record on Friday, September 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.49%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.00% of the stock is owned by corporate insiders.

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.