Waddell & Associates LLC Increases Stock Position in Public Storage (NYSE:PSA)

Waddell & Associates LLC lifted its holdings in Public Storage (NYSE:PSA) by 53.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,935 shares of the real estate investment trust’s stock after purchasing an additional 1,028 shares during the period. Waddell & Associates LLC’s holdings in Public Storage were worth $844,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its stake in shares of Public Storage by 107.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new position in shares of Public Storage during the 4th quarter worth approximately $30,000. OFI Invest Asset Management bought a new position in shares of Public Storage during the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the 2nd quarter worth approximately $36,000. Finally, ICA Group Wealth Management LLC bought a new position in shares of Public Storage during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE:PSA traded up $4.46 during midday trading on Friday, reaching $345.63. The company’s stock had a trading volume of 860,113 shares, compared to its average volume of 583,124. The firm has a market capitalization of $60.49 billion, a PE ratio of 31.39, a P/E/G ratio of 5.69 and a beta of 0.67. Public Storage has a twelve month low of $233.18 and a twelve month high of $347.77. The stock has a fifty day moving average of $313.10 and a 200 day moving average of $290.42. 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 released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business 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 company earned $4.28 EPS. The firm’s revenue was down 1.0% compared to the same quarter last year. On average, equities analysts expect that Public Storage will post 16.72 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Analysts Set New Price Targets

PSA has been the subject of several recent analyst reports. Scotiabank boosted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Citigroup upped their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. 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, August 5th. 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, August 1st. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $323.77.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 11.00% of the stock is currently owned by 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.