Covestor Ltd Purchases 55 Shares of Public Storage (NYSE:PSA)

Covestor Ltd raised its position in shares of Public Storage (NYSE:PSA) by 14.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 440 shares of the real estate investment trust’s stock after purchasing an additional 55 shares during the period. Covestor Ltd’s holdings in Public Storage were worth $132,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ameriflex Group Inc. bought a new stake in Public Storage during the 4th quarter valued at $30,000. Spectrum Wealth Counsel LLC bought a new position in shares of Public Storage in the 1st quarter worth $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Public Storage in the 4th quarter worth $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage in the 1st quarter worth $36,000. Finally, Parvin Asset Management LLC bought a new position in shares of Public Storage in the 4th quarter worth $38,000. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Down 0.7%

Shares of NYSE:PSA opened at $281.88 on Monday. The business’s 50-day moving average is $291.28 and its 200 day moving average is $295.36. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The firm has a market capitalization of $49.46 billion, a P/E ratio of 30.74, a P/E/G ratio of 4.11 and a beta of 0.86. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.05. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.23 EPS. On average, research analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PSA. Barclays reduced their price target on Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a research report on Friday. Bank of America boosted their price target on Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Mizuho boosted their price target on Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Wells Fargo & Company reduced their price target on Public Storage from $330.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, July 23rd. Finally, Evercore ISI boosted their price target on Public Storage from $308.00 to $309.00 and gave the stock an “in-line” rating in a research report on Monday, August 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $335.43.

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.