Summit Global Investments Has $1.38 Million Holdings in Public Storage (NYSE:PSA)

Summit Global Investments raised its stake in shares of Public Storage (NYSE:PSA) by 0.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,783 shares of the real estate investment trust’s stock after purchasing an additional 43 shares during the period. Summit Global Investments’ holdings in Public Storage were worth $1,376,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 44 shares during the last quarter. Core Wealth Advisors Inc. acquired a new stake in shares of Public Storage during the fourth quarter worth $30,000. EdgeRock Capital LLC bought a new position in Public Storage during the fourth quarter worth $32,000. OFI Invest Asset Management bought a new position in Public Storage during the second quarter worth $32,000. Finally, Opal Wealth Advisors LLC acquired a new position in Public Storage in the second quarter valued at $36,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.3 %

Shares of PSA traded up $1.13 on Wednesday, reaching $326.68. The company’s stock had a trading volume of 157,000 shares, compared to its average volume of 711,680. Public Storage has a twelve month low of $233.18 and a twelve month high of $326.72. The stock has a market capitalization of $57.41 billion, a PE ratio of 29.57, a PEG ratio of 5.30 and a beta of 0.65. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm has a fifty day moving average of $299.28 and a 200-day moving average of $285.06.

Public Storage (NYSE:PSA) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the company earned $4.28 earnings per share. Equities analysts predict that Public Storage will post 16.74 EPS for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.67%. Public Storage’s payout ratio is 108.99%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Bank of America lowered 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 lowered their target price on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Scotiabank cut their price target on Public Storage from $314.00 to $308.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 7th. 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 report on Friday, July 26th. Finally, Evercore ISI boosted their target price on shares of Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $309.92.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 400 shares of the business’s 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 transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 11.00% of the stock is currently owned by corporate insiders.

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.