Public Storage (NYSE:PSA) Shares Acquired by Edgemoor Investment Advisors Inc.

Edgemoor Investment Advisors Inc. lifted its holdings in shares of Public Storage (NYSE:PSA) by 13.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,892 shares of the real estate investment trust’s stock after buying an additional 2,969 shares during the period. Edgemoor Investment Advisors Inc.’s holdings in Public Storage were worth $7,160,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after buying an additional 217,487 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Public Storage by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after buying an additional 219,391 shares in the last quarter. Norges Bank acquired a new stake in Public Storage during the fourth quarter valued at $821,151,000. APG Asset Management US Inc. grew its stake in shares of Public Storage by 4.7% in the 4th quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after buying an additional 93,122 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its position in Public Storage by 17.2% in 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 acquiring an additional 173,975 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.8 %

NYSE PSA traded up $2.79 during trading on Monday, reaching $348.42. 77,388 shares of the stock traded hands, compared to its average volume of 709,115. 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 fifty-two week low of $233.18 and a fifty-two week high of $348.44. The stock’s 50-day moving average price is $313.10 and its 200 day moving average price is $290.43. The firm has a market cap of $60.98 billion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 5.72 and a beta of 0.67.

Public Storage (NYSE:PSA) last announced its 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). The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the business posted $4.28 earnings per share. Analysts predict that Public Storage will post 16.72 EPS for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.44%. Public Storage’s dividend payout ratio is currently 108.99%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PSA. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. Scotiabank boosted their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Bank of America cut 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. Finally, Barclays boosted their target price on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $323.77.

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.