Liberty Wealth Management LLC Takes $1.79 Million Position in Public Storage (NYSE:PSA)

Liberty Wealth Management LLC purchased a new stake in Public Storage (NYSE:PSA) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 6,226 shares of the real estate investment trust’s stock, valued at approximately $1,791,000.

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its position in shares of 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 in the last quarter. Core Wealth Advisors Inc. acquired a new stake in Public Storage during the 4th quarter worth $30,000. OFI Invest Asset Management purchased a new stake in shares of Public Storage during the second quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage in the second quarter valued at about $36,000. Finally, ICA Group Wealth Management LLC purchased a new position in shares of Public Storage in the fourth quarter worth about $37,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PSA. Barclays upped their price objective on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Citigroup lifted their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company raised their target price on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, 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 research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $323.77.

Public Storage Price Performance

Shares of PSA opened at $351.50 on Tuesday. The firm’s 50 day moving average price is $314.46 and its 200 day moving average price is $290.90. The company has a market cap of $61.52 billion, a P/E ratio of 31.93, a PEG ratio of 5.72 and a beta of 0.67. 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 $353.23.

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

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

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.