Heartland Advisors Inc. Acquires Shares of 69,500 Public Storage $PSA

Heartland Advisors Inc. acquired a new stake in shares of Public Storage (NYSE:PSA) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 69,500 shares of the real estate investment trust’s stock, valued at approximately $22,123,000. Public Storage accounts for about 1.0% of Heartland Advisors Inc.’s investment portfolio, making the stock its 18th biggest holding.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Empowered Funds LLC grew its holdings in Public Storage by 13.3% in the 1st quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust’s stock worth $954,000 after acquiring an additional 373 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Public Storage during the second quarter valued at about $929,000. Nebula Research & Development LLC purchased a new stake in shares of Public Storage during the second quarter worth about $1,113,000. Treasurer of the State of North Carolina boosted its holdings in shares of Public Storage by 1.9% during the second quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust’s stock worth $21,647,000 after purchasing an additional 1,390 shares during the period. Finally, Ieq Capital LLC boosted its holdings in shares of Public Storage by 219.8% during the second quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust’s stock worth $14,140,000 after purchasing an additional 33,122 shares during the period. Institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

PSA has been the topic of a number of research analyst reports. BMO Capital Markets boosted their price target on Public Storage from $305.00 to $340.00 and gave the company a “market perform” rating in a report on Monday, June 15th. Weiss Ratings upgraded Public Storage from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, June 12th. UBS Group lifted their price objective on Public Storage from $314.00 to $326.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. BNP Paribas Exane boosted their target price on Public Storage from $331.00 to $335.00 and gave the company an “outperform” rating in a research note on Friday, May 22nd. Finally, Truist Financial upped their target price on Public Storage from $302.00 to $338.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Seven equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat, Public Storage currently has a consensus rating of “Hold” and an average price target of $326.16.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 1,414 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $327.53, for a total value of $463,127.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 11.10% of the company’s stock.

Public Storage Trading Up 0.0%

Shares of PSA opened at $322.76 on Friday. Public Storage has a 1-year low of $256.54 and a 1-year high of $335.55. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. The firm’s 50-day moving average price is $322.35 and its 200-day moving average price is $306.22. The firm has a market capitalization of $56.68 billion, a price-to-earnings ratio of 30.80, a PEG ratio of 3.80 and a beta of 0.96.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $1.64. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the firm earned $4.28 earnings per share. Public Storage’s revenue was down .5% on a year-over-year basis. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. Sell-side analysts anticipate that Public Storage will post 16.93 EPS for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $3.00 per share. The ex-dividend date is Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.7%. Public Storage’s dividend payout ratio is 114.50%.

Public Storage Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.