Parallel Advisors LLC Grows Stock Holdings in Public Storage $PSA

Parallel Advisors LLC lifted its position in shares of Public Storage (NYSE:PSA) by 10.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,255 shares of the real estate investment trust’s stock after purchasing an additional 214 shares during the period. Parallel Advisors LLC’s holdings in Public Storage were worth $662,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PSA. State of Wyoming lifted its position in shares of Public Storage by 28.6% during the 4th quarter. State of Wyoming now owns 256 shares of the real estate investment trust’s stock worth $77,000 after purchasing an additional 57 shares during the last quarter. Worldquant Millennium Advisors LLC lifted its position in Public Storage by 20.7% in the fourth quarter. Worldquant Millennium Advisors LLC now owns 22,475 shares of the real estate investment trust’s stock valued at $6,730,000 after acquiring an additional 3,854 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in Public Storage in the fourth quarter valued at $1,062,000. Highview Capital Management LLC DE lifted its position in Public Storage by 3.5% in the fourth quarter. Highview Capital Management LLC DE now owns 4,107 shares of the real estate investment trust’s stock valued at $1,230,000 after acquiring an additional 140 shares during the last quarter. Finally, Helium Advisors LLC purchased a new stake in Public Storage in the fourth quarter valued at $225,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Trading Down 0.1%

Shares of Public Storage stock opened at $283.92 on Friday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The company’s 50-day simple moving average is $286.98 and its 200-day simple moving average is $292.97. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The firm has a market cap of $49.81 billion, a price-to-earnings ratio of 30.96, a price-to-earnings-growth ratio of 4.72 and a beta of 0.86.

Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the business posted $4.23 earnings per share. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, equities research analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.2%. The ex-dividend date is Monday, September 15th. Public Storage’s dividend payout ratio is presently 130.86%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PSA. Barclays reduced their price target on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. BNP Paribas Exane began coverage on shares of Public Storage in a research report on Tuesday, June 24th. They issued an “outperform” rating and a $331.00 price target for the company. JPMorgan Chase & Co. reduced their price target on shares of Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a research report on Friday, September 12th. UBS Group reduced their price target on shares of Public Storage from $305.00 to $295.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Scotiabank reduced their price target on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 28th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $322.00.

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.