Patton Fund Management Inc. Invests $222,000 in Public Storage $PSA

Patton Fund Management Inc. bought a new position in shares of Public Storage (NYSE:PSA) during the second quarter, HoldingsChannel reports. The institutional investor bought 757 shares of the real estate investment trust’s stock, valued at approximately $222,000.

Other hedge funds also recently bought and sold shares of the company. Marshall & Sullivan Inc. WA purchased a new stake in Public Storage during the second quarter worth $25,000. Spectrum Wealth Counsel LLC purchased a new position in Public Storage in the first quarter worth $30,000. Opal Wealth Advisors LLC purchased a new position in Public Storage in the first quarter worth $36,000. Wayfinding Financial LLC purchased a new position in Public Storage in the first quarter worth $41,000. Finally, Winch Advisory Services LLC grew its holdings in Public Storage by 39.8% in the first quarter. Winch Advisory Services LLC now owns 151 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 43 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.7%

PSA stock opened at $288.25 on Tuesday. The stock has a market capitalization of $50.57 billion, a P/E ratio of 31.43, a P/E/G ratio of 4.75 and a beta of 0.86. The firm has a 50-day simple moving average of $286.55 and a 200-day simple moving average of $291.63. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the prior year, the company earned $4.23 EPS. Public Storage’s revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Public Storage’s dividend payout ratio is currently 130.86%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PSA. Evercore ISI boosted their price objective on shares of Public Storage from $309.00 to $312.00 and gave the company an “in-line” rating in a report on Monday, September 15th. Barclays dropped their price objective on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Royal Bank Of Canada dropped their price objective on shares of Public Storage from $328.00 to $309.00 and set a “sector perform” rating on the stock in a report on Friday, August 1st. Scotiabank dropped their price objective 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. Finally, Wall Street Zen downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $322.00.

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.