Thompson Siegel & Walmsley LLC Raises Stake in Public Storage (NYSE:PSA)

Thompson Siegel & Walmsley LLC boosted its stake in Public Storage (NYSE:PSA) by 66.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,250 shares of the real estate investment trust’s stock after purchasing an additional 7,700 shares during the quarter. Thompson Siegel & Walmsley LLC’s holdings in Public Storage were worth $5,537,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. J.W. Cole Advisors Inc. raised its position in shares of Public Storage by 3.4% in the second quarter. J.W. Cole Advisors Inc. now owns 1,956 shares of the real estate investment trust’s stock worth $563,000 after buying an additional 65 shares in the last quarter. Inspire Advisors LLC raised its holdings in shares of Public Storage by 4.0% in the 2nd quarter. Inspire Advisors LLC now owns 2,187 shares of the real estate investment trust’s stock valued at $629,000 after acquiring an additional 85 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Public Storage by 8.9% during the second quarter. Envestnet Asset Management Inc. now owns 160,997 shares of the real estate investment trust’s stock worth $46,311,000 after purchasing an additional 13,142 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Public Storage by 0.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 5,578 shares of the real estate investment trust’s stock worth $1,605,000 after purchasing an additional 48 shares during the last quarter. Finally, Wealthspire Advisors LLC raised its stake in Public Storage by 24.6% in the second quarter. Wealthspire Advisors LLC now owns 1,116 shares of the real estate investment trust’s stock valued at $321,000 after purchasing an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.0 %

Public Storage stock opened at $359.16 on Monday. Public Storage has a one year low of $233.18 and a one year high of $361.23. The business’s fifty day moving average is $320.20 and its 200 day moving average is $293.11. The stock has a market capitalization of $63.11 billion, a PE ratio of 32.62, a price-to-earnings-growth ratio of 5.06 and a beta of 0.67. 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 (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (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 company had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the company posted $4.28 EPS. Public Storage’s revenue was down 1.0% on a year-over-year basis. On average, sell-side analysts predict 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 will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. 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 3.34%. Public Storage’s dividend payout ratio is currently 108.99%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Royal Bank of Canada assumed coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price for the company. Scotiabank lifted their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Evercore ISI increased their price objective on Public Storage from $330.00 to $334.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Finally, Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $325.15.

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.