Sigma Investment Counselors Inc. Grows Stock Position in Public Storage (NYSE:PSA)

Sigma Investment Counselors Inc. lifted its stake in shares of Public Storage (NYSE:PSA) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,360 shares of the real estate investment trust’s stock after purchasing an additional 120 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in Public Storage were worth $2,980,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 44 shares in the last quarter. Core Wealth Advisors Inc. acquired a new stake in Public Storage in the 4th quarter worth about $30,000. EdgeRock Capital LLC acquired a new stake in Public Storage in the 4th quarter worth about $32,000. OFI Invest Asset Management acquired a new stake in Public Storage in the 2nd quarter worth about $32,000. Finally, ICA Group Wealth Management LLC acquired a new stake in Public Storage in the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 2.3 %

Public Storage stock traded up $7.70 during midday trading on Friday, hitting $340.94. 548,286 shares of the company were exchanged, compared to its average volume of 713,986. The company’s fifty day moving average price is $302.49 and its 200-day moving average price is $286.21. The company has a market cap of $59.91 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 5.28 and a beta of 0.65. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $341.71.

Public Storage (NYSE:PSA) last released its quarterly 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 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 period last year, the firm posted $4.28 earnings per share. The business’s revenue was down 1.0% on a year-over-year basis. On average, research analysts predict that Public Storage will post 16.74 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PSA. Wells Fargo & Company raised their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Evercore ISI raised their price target on Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Scotiabank raised their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday. Barclays lifted their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Hold” and a consensus target price of $316.42.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 11.00% of the stock is currently owned by corporate insiders.

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.