Sound Income Strategies LLC Has $163,000 Stock Position in Public Storage (NYSE:PSA)

Sound Income Strategies LLC increased its holdings in Public Storage (NYSE:PSA) by 29.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 566 shares of the real estate investment trust’s stock after purchasing an additional 129 shares during the period. Sound Income Strategies LLC’s holdings in Public Storage were worth $163,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Gold Investment Management Ltd. bought a new stake in shares of Public Storage during the 4th quarter worth about $849,000. The Manufacturers Life Insurance Company lifted its holdings in Public Storage by 4.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock worth $39,373,000 after purchasing an additional 5,239 shares during the last quarter. Global Assets Advisory LLC acquired a new stake in Public Storage in the 1st quarter worth approximately $7,319,000. Centersquare Investment Management LLC grew its holdings in Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares during the last quarter. Finally, Scarborough Advisors LLC bought a new position in shares of Public Storage in the fourth quarter valued at approximately $4,701,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of PSA stock traded up $3.87 during mid-day trading on Friday, reaching $317.04. The company’s stock had a trading volume of 558,213 shares, compared to its average volume of 764,356. The firm’s 50-day moving average is $293.13 and its two-hundred day moving average is $283.47. The company has a market cap of $55.71 billion, a P/E ratio of 28.80, a PEG ratio of 5.16 and a beta of 0.65. Public Storage has a 1-year low of $233.18 and a 1-year high of $318.50. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million during 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 revenue for the quarter was down 1.0% on a year-over-year basis. During the same period last year, the company earned $4.28 EPS. On average, research analysts predict that Public Storage will post 16.76 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.79%. Public Storage’s payout ratio is presently 108.99%.

Insider Activity

In other news, Director Kristy Pipes acquired 2,149 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Public Storage news, Director Kristy Pipes bought 2,149 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were bought at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PSA has been the topic of a number of research analyst reports. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Scotiabank cut their price objective on Public Storage from $314.00 to $308.00 and set a “sector perform” rating for the company in a research report on Wednesday. Evercore ISI lifted their price target 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. Barclays cut their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Finally, Wells Fargo & Company raised their price objective on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage currently has an average rating of “Hold” and a consensus price target of $309.92.

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.