Steward Partners Investment Advisory LLC Buys 6,038 Shares of Public Storage $PSA

Steward Partners Investment Advisory LLC increased its stake in Public Storage (NYSE:PSA) by 101.5% during the second quarter, HoldingsChannel reports. The firm owned 11,984 shares of the real estate investment trust’s stock after acquiring an additional 6,038 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Public Storage were worth $3,516,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Marshall & Sullivan Inc. WA purchased a new position in shares of Public Storage during the 2nd quarter valued at $25,000. Harbor Asset Planning Inc. bought a new position in Public Storage during the second quarter worth about $25,000. NewSquare Capital LLC increased its stake in shares of Public Storage by 60.6% in the second quarter. NewSquare Capital LLC now owns 106 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 40 shares in the last quarter. SouthState Corp raised its position in shares of Public Storage by 209.4% in the second quarter. SouthState Corp now owns 164 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 111 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Public Storage during the 1st quarter valued at approximately $54,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Up 0.8%

PSA stock opened at $274.59 on Friday. The company’s 50 day moving average is $286.02 and its 200 day moving average is $290.05. The stock has a market cap of $48.18 billion, a price-to-earnings ratio of 28.51, a price-to-earnings-growth ratio of 4.72 and a beta of 0.91. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 1-year low of $256.60 and a 1-year high of $355.87.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.07. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Public Storage had a net margin of 39.53% and a return on equity of 35.67%. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.20 EPS. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. Sell-side analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Monday, December 15th. Public Storage’s dividend payout ratio is currently 124.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Scotiabank lowered their target price on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 28th. Truist Financial decreased their price objective on Public Storage from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday. Raymond James Financial cut their target price on Public Storage from $350.00 to $330.00 and set a “strong-buy” rating for the company in a research note on Tuesday, November 18th. Wells Fargo & Company upped their price target on Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Finally, Barclays cut their price objective on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price of $325.57.

Public Storage Company 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.