Public Storage (NYSE:PSA) Stock Position Raised by Essex Financial Services Inc.

Essex Financial Services Inc. lifted its position in Public Storage (NYSE:PSA) by 27.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,322 shares of the real estate investment trust’s stock after buying an additional 283 shares during the quarter. Essex Financial Services Inc.’s holdings in Public Storage were worth $380,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSA. Vanguard Group Inc. increased its position in Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after buying an additional 217,487 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares during the period. Norges Bank acquired a new position in Public Storage in the 4th quarter valued at $821,151,000. Charles Schwab Investment Management Inc. raised its holdings in Public Storage by 8.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after acquiring an additional 216,331 shares during the period. Finally, APG Asset Management US Inc. lifted its position in shares of Public Storage by 4.7% during the 4th quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock worth $632,758,000 after purchasing an additional 93,122 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

PSA opened at $343.72 on Tuesday. The stock has a market cap of $60.40 billion, a P/E ratio of 31.22, a P/E/G ratio of 5.69 and a beta of 0.65. Public Storage has a 12 month low of $233.18 and a 12 month high of $344.32. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The company has a fifty day simple moving average of $308.69 and a 200 day simple moving average of $288.77.

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 analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the business earned $4.28 earnings per share. The company’s revenue was down 1.0% on a year-over-year basis. On average, research analysts expect that Public Storage will post 16.72 EPS for the current year.

Public Storage Dividend Announcement

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 issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the sale, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 11.00% of the company’s stock.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of research 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 report on Monday, August 5th. Citigroup raised their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday. Scotiabank upped their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Wells Fargo & Company lifted their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Barclays upped their price objective on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and an average price target of $323.77.

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.