QRG Capital Management Inc. increased its holdings in shares of Public Storage (NYSE:PSA – Free Report) by 6.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,459 shares of the real estate investment trust’s stock after buying an additional 1,299 shares during the period. QRG Capital Management Inc.’s holdings in Public Storage were worth $5,885,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the business. Gryphon Financial Partners LLC increased its position in shares of Public Storage by 2.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after acquiring an additional 38 shares during the period. Signet Financial Management LLC raised its position in Public Storage by 2.1% in the 1st quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after purchasing an additional 39 shares in the last quarter. Brookstone Capital Management boosted its stake in shares of Public Storage by 3.4% in the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after buying an additional 40 shares during the period. Legacy Wealth Asset Management LLC grew its position in shares of Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after buying an additional 42 shares in the last quarter. Finally, Bangor Savings Bank grew its position in shares of Public Storage by 0.8% during the first quarter. Bangor Savings Bank now owns 5,359 shares of the real estate investment trust’s stock worth $1,554,000 after buying an additional 43 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.
Public Storage Stock Up 1.2 %
Shares of NYSE PSA opened at $317.04 on Friday. The business has a 50-day moving average price of $293.13 and a 200 day moving average price of $283.47. The stock has a market cap of $55.71 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 5.16 and a beta of 0.65. 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 52-week low of $233.18 and a 52-week high of $318.50.
Public Storage (NYSE:PSA – Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.28 EPS. Equities research analysts forecast that Public Storage will post 16.76 earnings per share for the current year.
Public Storage Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.79%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is currently 108.99%.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the stock. Scotiabank decreased their price target on shares of Public Storage from $314.00 to $308.00 and set a “sector perform” rating for the company in a research note on Wednesday. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Barclays dropped their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday, May 20th. Wells Fargo & Company lifted their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Evercore ISI upped their price objective on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $309.92.
Read Our Latest Analysis on PSA
Insider Buying and Selling at Public Storage
In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the transaction, the director now owns 2,149 shares in the company, valued at $599,485.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by company insiders.
Public Storage Profile
(Free Report)
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.
See Also
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