Jacobi Capital Management LLC Grows Holdings in Public Storage (NYSE:PSA)

Jacobi Capital Management LLC increased its position in Public Storage (NYSE:PSAGet Rating) by 2.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,423 shares of the real estate investment trust’s stock after acquiring an additional 31 shares during the quarter. Jacobi Capital Management LLC’s holdings in Public Storage were worth $555,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC boosted its stake in Public Storage by 29.9% in the 1st quarter. Los Angeles Capital Management LLC now owns 360,920 shares of the real estate investment trust’s stock worth $140,860,000 after purchasing an additional 83,147 shares during the period. Connectus Wealth LLC bought a new position in Public Storage in the 1st quarter worth approximately $1,209,000. Cbre Investment Management Listed Real Assets LLC boosted its stake in Public Storage by 2.6% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 150,887 shares of the real estate investment trust’s stock worth $58,888,000 after purchasing an additional 3,812 shares during the period. Balentine LLC boosted its stake in Public Storage by 114.4% in the 1st quarter. Balentine LLC now owns 2,007 shares of the real estate investment trust’s stock worth $783,000 after purchasing an additional 1,071 shares during the period. Finally, Sheaff Brock Investment Advisors LLC boosted its stake in Public Storage by 4.5% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 4,262 shares of the real estate investment trust’s stock worth $1,664,000 after purchasing an additional 183 shares during the period. 78.54% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 0.2 %

Shares of PSA opened at $331.20 on Friday. The company has a market cap of $58.11 billion, a PE ratio of 28.21, a P/E/G ratio of 3.01 and a beta of 0.34. The business has a fifty day moving average of $316.49 and a 200 day moving average of $347.43. Public Storage has a 52-week low of $292.32 and a 52-week high of $421.76. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 1.39.

Public Storage (NYSE:PSAGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.96). The company had revenue of $749.27 million during the quarter, compared to the consensus estimate of $985.58 million. Public Storage had a return on equity of 41.12% and a net margin of 56.93%. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.82 earnings per share. On average, sell-side analysts expect that Public Storage will post 15.56 EPS for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.42%. Public Storage’s dividend payout ratio is presently 68.14%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Truist Financial dropped their price target on Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a research note on Wednesday, June 1st. BMO Capital Markets upgraded Public Storage from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $410.00 to $370.00 in a research note on Thursday, May 19th. The Goldman Sachs Group increased their target price on Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a research report on Thursday, April 14th. Evercore ISI set a $348.00 target price on Public Storage in a research report on Monday, June 20th. Finally, UBS Group lowered their target price on Public Storage from $390.00 to $336.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average price target of $366.08.

Public Storage Profile

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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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

See Also

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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