1,530 Shares in Public Storage (NYSE:PSA) Bought by Eastern Bank

Eastern Bank bought a new position in shares of Public Storage (NYSE:PSA) during the 3rd quarter, Holdings Channel.com reports. The firm bought 1,530 shares of the real estate investment trust’s stock, valued at approximately $557,000.

A number of other institutional investors have also recently made changes to their positions in PSA. Daiwa Securities Group Inc. lifted its stake in shares of Public Storage by 86.8% in the first quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock worth $187,137,000 after acquiring an additional 299,826 shares during the period. Canada Pension Plan Investment Board raised its holdings in Public Storage by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after purchasing an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Public Storage by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after purchasing an additional 217,487 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Public Storage by 116.7% in the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after purchasing an additional 208,546 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE PSA opened at $339.77 on Thursday. The stock has a market cap of $59.71 billion, a price-to-earnings ratio of 30.86, a PEG ratio of 4.87 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $369.99. The firm’s 50-day simple moving average is $346.82 and its 200 day simple moving average is $306.35.

Public Storage (NYSE:PSA) last posted its earnings results 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 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 the consensus estimate of $1.16 billion. During the same quarter in the prior year, the business earned $4.28 EPS. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, research analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.53%. Public Storage’s payout ratio is 108.99%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PSA shares. Bank of America lowered 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. Royal Bank of Canada initiated coverage on Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price on the stock. Citigroup lifted their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Barclays increased their price target on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $340.93.

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.