Jacobi Capital Management LLC Buys 31 Shares of Public Storage (NYSE:PSA)

Jacobi Capital Management LLC grew its holdings in Public Storage (NYSE:PSAGet Rating) by 2.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,423 shares of the real estate investment trust’s stock after acquiring an additional 31 shares during the quarter. Jacobi Capital Management LLC’s holdings in Public Storage were worth $555,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PSA. National Asset Management Inc. lifted its holdings in shares of Public Storage by 5.2% during the first quarter. National Asset Management Inc. now owns 1,620 shares of the real estate investment trust’s stock worth $632,000 after purchasing an additional 80 shares during the period. Stratos Wealth Partners LTD. raised its position in Public Storage by 11.5% during the first quarter. Stratos Wealth Partners LTD. now owns 1,944 shares of the real estate investment trust’s stock valued at $759,000 after acquiring an additional 200 shares in the last quarter. Bank of New Hampshire purchased a new position in Public Storage during the first quarter valued at approximately $199,000. Regentatlantic Capital LLC purchased a new position in Public Storage during the first quarter valued at approximately $218,000. Finally, Destiny Wealth Partners LLC raised its position in Public Storage by 18.2% during the first quarter. Destiny Wealth Partners LLC now owns 299 shares of the real estate investment trust’s stock valued at $117,000 after acquiring an additional 46 shares in the last quarter. Institutional investors and hedge funds own 78.54% of the company’s stock.

Public Storage Stock Up 0.2 %

Shares of PSA opened at $331.20 on Friday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 2.07 and a current ratio of 2.07. Public Storage has a one year low of $292.32 and a one year high of $421.76. The stock has a market capitalization of $58.11 billion, a price-to-earnings ratio of 28.21, a PEG ratio of 3.01 and a beta of 0.34. The stock has a 50 day moving average price of $316.49 and a 200 day moving average price of $347.43.

Public Storage (NYSE:PSAGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 EPS for the quarter, missing the consensus estimate of $3.59 by ($0.96). Public Storage had a return on equity of 41.12% and a net margin of 56.93%. The firm had revenue of $749.27 million for the quarter, compared to analysts’ expectations of $985.58 million. During the same quarter in the previous year, the firm posted $2.82 earnings per share. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. Equities research analysts forecast that Public Storage will post 15.56 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.42%. Public Storage’s payout ratio is 68.14%.

Wall Street Analyst Weigh In

PSA has been the subject of several recent research reports. Evercore ISI set a $348.00 price target on Public Storage in a research report on Monday, June 20th. The Goldman Sachs Group lifted their price target on Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a research report on Thursday, April 14th. Raymond James reduced their price target on Public Storage from $375.00 to $365.00 in a research report on Monday, May 23rd. Jefferies Financial Group cut their price objective on Public Storage from $465.00 to $369.00 and set a “buy” rating for the company in a research report on Thursday, June 30th. Finally, BMO Capital Markets upgraded Public Storage from a “market perform” rating to an “outperform” rating and cut their price objective for the company from $410.00 to $370.00 in a research report on Thursday, May 19th. Six equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $366.08.

About Public Storage

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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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

See Also

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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