Public Storage (NYSE:PSA) Shares Acquired by Foundations Investment Advisors LLC

Foundations Investment Advisors LLC boosted its stake in shares of Public Storage (NYSE:PSA) by 778.5% in the third quarter, HoldingsChannel reports. The firm owned 17,095 shares of the real estate investment trust’s stock after purchasing an additional 15,149 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Public Storage were worth $6,220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new position in Public Storage during the 2nd quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new position in Public Storage during the 2nd quarter worth $36,000. Riverview Trust Co acquired a new position in Public Storage during the 1st quarter worth $37,000. Crewe Advisors LLC acquired a new position in Public Storage during the 1st quarter worth $39,000. Finally, EdgeRock Capital LLC acquired a new position in Public Storage during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research report on Thursday, August 1st. Evercore ISI reduced their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Jefferies Financial Group boosted their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Scotiabank boosted their price objective 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $340.93.

Public Storage Stock Up 0.9 %

Shares of Public Storage stock opened at $334.98 on Wednesday. The stock’s fifty day moving average is $346.44 and its 200-day moving average is $306.11. The firm has a market capitalization of $58.63 billion, a PE ratio of 31.39, a price-to-earnings-growth ratio of 4.87 and a beta of 0.68. 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 has a 12-month low of $233.18 and a 12-month high of $369.99.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period last year, the firm earned $4.28 earnings per share. Equities analysts anticipate that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

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.