Public Storage (NYSE:PSA) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC lifted its stake in Public Storage (NYSE:PSA) by 67.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,107 shares of the real estate investment trust’s stock after acquiring an additional 447 shares during the period. GAMMA Investing LLC’s holdings in Public Storage were worth $318,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Gold Investment Management Ltd. acquired a new stake in shares of Public Storage during the fourth quarter valued at approximately $849,000. The Manufacturers Life Insurance Company increased its stake in Public Storage by 4.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock valued at $39,373,000 after buying an additional 5,239 shares during the period. Global Assets Advisory LLC acquired a new position in Public Storage in the 1st quarter valued at approximately $7,319,000. Centersquare Investment Management LLC increased its stake in Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after buying an additional 173,975 shares during the period. Finally, Scarborough Advisors LLC acquired a new position in Public Storage in the 4th quarter valued at approximately $4,701,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insiders Place Their Bets

In related news, Director Kristy Pipes bought 2,149 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the transaction, the director now owns 2,149 shares in the company, valued at $599,485.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the transaction, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The disclosure for this sale can be found here. Corporate insiders own 11.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PSA. Scotiabank upped their price objective on shares of Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a research note on Friday, July 19th. Barclays dropped their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday. Evercore ISI increased their price target on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Finally, Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage has a consensus rating of “Hold” and a consensus target price of $310.42.

Public Storage Price Performance

Shares of Public Storage stock traded down $7.85 during mid-day trading on Monday, reaching $304.05. 1,053,045 shares of the stock were exchanged, compared to its average volume of 718,866. The company has a market cap of $53.43 billion, a price-to-earnings ratio of 28.33, a price-to-earnings-growth ratio of 4.39 and a beta of 0.65. The company has a current ratio of 0.93, a quick ratio of 0.54 and a debt-to-equity ratio of 1.72. The firm has a 50-day simple moving average of $288.97 and a 200 day simple moving average of $282.74. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $314.93.

Public Storage (NYSE:PSA) last posted 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 net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the business posted $4.28 EPS. The company’s revenue was down 1.0% compared to the same quarter last year. On average, sell-side analysts predict that Public Storage will post 16.8 EPS for the current fiscal year.

Public Storage Announces Dividend

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 issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.95%. Public Storage’s dividend payout ratio is presently 108.99%.

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.