Public Storage (NYSE:PSA) Shares Acquired by Vicus Capital

Vicus Capital lifted its stake in shares of Public Storage (NYSE:PSA) by 6.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 799 shares of the real estate investment trust’s stock after purchasing an additional 47 shares during the period. Vicus Capital’s holdings in Public Storage were worth $291,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Centersquare Investment Management LLC grew its position in shares of Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after buying an additional 173,975 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Public Storage during the second quarter worth about $14,301,000. PGGM Investments grew its position in shares of Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after buying an additional 12,396 shares in the last quarter. Swedbank AB acquired a new position in shares of Public Storage during the first quarter worth about $17,465,000. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in Public Storage by 15.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock valued at $5,916,000 after purchasing an additional 2,770 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Jefferies Financial Group upped their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Barclays upped their price target on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a report on Monday, August 5th. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Finally, Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a report on Thursday, August 1st. One 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $340.93.

Public Storage Price Performance

Public Storage stock opened at $334.98 on Wednesday. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The business has a 50 day simple moving average of $346.44 and a 200-day simple moving average of $306.11. The stock 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.

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

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s payout ratio is 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.