Ramirez Asset Management Inc. Boosts Stock Position in Public Storage $PSA

Ramirez Asset Management Inc. grew its position in Public Storage (NYSE:PSA) by 179.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,299 shares of the real estate investment trust’s stock after buying an additional 3,400 shares during the quarter. Ramirez Asset Management Inc.’s holdings in Public Storage were worth $1,555,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PSA. Wedmont Private Capital lifted its holdings in shares of Public Storage by 20.9% in the 1st quarter. Wedmont Private Capital now owns 874 shares of the real estate investment trust’s stock worth $245,000 after buying an additional 151 shares during the period. Miracle Mile Advisors LLC purchased a new stake in shares of Public Storage in the 1st quarter worth $280,000. Park Avenue Securities LLC lifted its holdings in shares of Public Storage by 18.9% in the 1st quarter. Park Avenue Securities LLC now owns 3,725 shares of the real estate investment trust’s stock worth $1,115,000 after buying an additional 592 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Public Storage by 28.6% in the 1st quarter. Farther Finance Advisors LLC now owns 2,246 shares of the real estate investment trust’s stock worth $671,000 after buying an additional 499 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Public Storage by 16.7% in the 1st quarter. GAMMA Investing LLC now owns 1,754 shares of the real estate investment trust’s stock worth $525,000 after buying an additional 251 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of PSA stock opened at $294.12 on Friday. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $355.87. The firm has a market capitalization of $51.60 billion, a price-to-earnings ratio of 32.07, a PEG ratio of 4.86 and a beta of 0.89. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The stock’s 50-day simple moving average is $287.32 and its 200-day simple moving average is $291.45.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the firm earned $4.23 earnings per share. The company’s revenue was up 2.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, equities analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.1%. Public Storage’s payout ratio is 130.86%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a research report on Wednesday. Wall Street Zen lowered Public Storage from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. reduced their price target on Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a research report on Friday, September 12th. Royal Bank Of Canada reduced their price target on Public Storage from $328.00 to $309.00 and set a “sector perform” rating for the company in a research report on Friday, August 1st. Finally, BNP Paribas Exane assumed coverage on Public Storage in a research report on Tuesday, June 24th. They issued an “outperform” rating and a $331.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $322.92.

Public Storage Profile

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.