Claro Advisors LLC Buys New Stake in Public Storage (NYSE:PSA)

Claro Advisors LLC purchased a new position in Public Storage (NYSE:PSA) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,344 shares of the real estate investment trust’s stock, valued at approximately $853,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSA. V Square Quantitative Management LLC raised its holdings in shares of Public Storage by 11.2% in the 3rd quarter. V Square Quantitative Management LLC now owns 1,306 shares of the real estate investment trust’s stock worth $475,000 after buying an additional 132 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Public Storage by 6.0% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,163 shares of the real estate investment trust’s stock valued at $18,617,000 after acquiring an additional 2,890 shares during the period. Ellsworth Advisors LLC raised its stake in Public Storage by 2.7% during the third quarter. Ellsworth Advisors LLC now owns 22,353 shares of the real estate investment trust’s stock worth $8,134,000 after acquiring an additional 591 shares in the last quarter. Secure Asset Management LLC bought a new position in shares of Public Storage during the third quarter valued at $212,000. Finally, Bleakley Financial Group LLC boosted its stake in shares of Public Storage by 6.0% in the 3rd quarter. Bleakley Financial Group LLC now owns 1,393 shares of the real estate investment trust’s stock valued at $507,000 after purchasing an additional 79 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Public Storage stock opened at $345.62 on Friday. The company has a market cap of $60.49 billion, a PE ratio of 32.39, a PEG ratio of 4.84 and a beta of 0.68. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99. The company’s 50-day moving average is $345.72 and its two-hundred day moving average is $305.06.

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 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 business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the company earned $4.28 earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis. Equities analysts anticipate that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.47%. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PSA shares. Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. Wells Fargo & Company increased their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Evercore ISI cut their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Finally, Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $337.00.

Public Storage 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.