Harbor Capital Advisors Inc. Acquires 188 Shares of Public Storage $PSA

Harbor Capital Advisors Inc. raised its holdings in shares of Public Storage (NYSE:PSA) by 74.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 440 shares of the real estate investment trust’s stock after purchasing an additional 188 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Public Storage were worth $129,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSA. Nuveen LLC bought a new stake in Public Storage during the 1st quarter valued at $271,196,000. GAMMA Investing LLC increased its stake in Public Storage by 34,827.1% during the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust’s stock valued at $157,114,000 after purchasing an additional 523,452 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Public Storage by 68.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,164,992 shares of the real estate investment trust’s stock worth $348,670,000 after acquiring an additional 475,342 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Public Storage during the 4th quarter worth $99,157,000. Finally, Vanguard Group Inc. boosted its holdings in Public Storage by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock worth $6,206,046,000 after acquiring an additional 143,575 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. UBS Group cut their price target on shares of Public Storage from $305.00 to $295.00 and set a “neutral” rating on the stock in a report on Tuesday. Royal Bank Of Canada lowered their target price on shares of Public Storage from $328.00 to $309.00 and set a “sector perform” rating on the stock in a research note on Friday, August 1st. JPMorgan Chase & Co. cut their price target on shares of Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a report on Friday, September 12th. BNP Paribas upgraded shares of Public Storage to a “strong-buy” rating in a research report on Tuesday, June 24th. Finally, Evercore ISI increased their price objective on Public Storage from $309.00 to $312.00 and gave the stock an “in-line” rating in a research report on Monday, September 15th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $322.00.

Public Storage Price Performance

PSA opened at $279.03 on Friday. The stock has a fifty day simple moving average of $286.79 and a two-hundred day simple moving average of $292.79. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. The company has a market cap of $48.96 billion, a price-to-earnings ratio of 30.43, a price-to-earnings-growth ratio of 4.71 and a beta of 0.86. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99.

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

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Monday, September 15th. Public Storage’s dividend payout ratio is currently 130.86%.

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.