758 Shares in Public Storage (NYSE:PSA) Acquired by AlphaStar Capital Management LLC

AlphaStar Capital Management LLC bought a new stake in shares of Public Storage (NYSE:PSA) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 758 shares of the real estate investment trust’s stock, valued at approximately $218,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased 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 buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new stake in Public Storage during the 4th quarter worth approximately $30,000. EdgeRock Capital LLC bought a new stake in Public Storage during the 4th quarter worth approximately $32,000. OFI Invest Asset Management purchased a new position in Public Storage during the second quarter valued at approximately $32,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Public Storage in the second quarter worth approximately $36,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PSA has been the topic of several recent analyst reports. Evercore ISI raised their price objective on shares of Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Scotiabank upped 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, August 22nd. Wells Fargo & Company upped their target price on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Barclays raised their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. One 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $316.42.

Insider Buying and Selling at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction on Monday, June 10th. The stock was 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 owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 11.00% of the company’s stock.

Public Storage Stock Up 0.9 %

Shares of NYSE PSA opened at $342.59 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 12-month low of $233.18 and a 12-month high of $343.47. The firm’s 50-day moving average price is $303.60 and its 200-day moving average price is $286.63. The stock has a market capitalization of $60.20 billion, a price-to-earnings ratio of 31.12, a P/E/G ratio of 5.28 and a beta of 0.65.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the company earned $4.28 earnings per share. On average, equities research analysts anticipate that Public Storage will post 16.74 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

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.