Quotient Wealth Partners LLC Raises Position in Public Storage (NYSE:PSA)

Quotient Wealth Partners LLC increased its stake in Public Storage (NYSE:PSA) by 66.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,368 shares of the real estate investment trust’s stock after buying an additional 548 shares during the quarter. Quotient Wealth Partners LLC’s holdings in Public Storage were worth $394,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of PSA. Van Lanschot Kempen Investment Management N.V. raised its stake in shares of Public Storage by 16.6% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 23,851 shares of the real estate investment trust’s stock valued at $6,861,000 after purchasing an additional 3,397 shares during the period. Premier Path Wealth Partners LLC increased its stake in Public Storage by 40.4% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 977 shares of the real estate investment trust’s stock worth $281,000 after buying an additional 281 shares during the period. Slagle Financial LLC lifted its holdings in Public Storage by 11.5% in the 2nd quarter. Slagle Financial LLC now owns 10,225 shares of the real estate investment trust’s stock worth $2,941,000 after buying an additional 1,051 shares in the last quarter. GYL Financial Synergies LLC boosted its position in Public Storage by 9.8% in the 2nd quarter. GYL Financial Synergies LLC now owns 6,721 shares of the real estate investment trust’s stock valued at $1,933,000 after buying an additional 599 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in shares of Public Storage during the second quarter valued at about $381,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of NYSE:PSA traded up $7.70 during trading on Friday, reaching $340.94. 548,286 shares of the company’s stock traded hands, compared to its average volume of 713,986. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The company has a 50 day moving average of $302.49 and a 200-day moving average of $286.16. Public Storage has a 12 month low of $233.18 and a 12 month high of $341.71. The stock has a market capitalization of $59.91 billion, a P/E ratio of 30.96, a price-to-earnings-growth ratio of 5.28 and a beta of 0.65.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS 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 company had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the company posted $4.28 earnings per share. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, equities analysts expect that Public Storage will post 16.74 EPS for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $3.00 per share. The ex-dividend date is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.52%. Public Storage’s dividend payout ratio is currently 108.99%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday, August 5th. Evercore ISI increased their target price on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Scotiabank raised their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a report on Thursday, August 1st. Finally, Barclays raised their price objective on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Hold” and an average target price of $316.42.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.00% of the company’s stock.

Public Storage Company 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.