Ritholtz Wealth Management Buys 1,238 Shares of Public Storage (NYSE:PSA)

Ritholtz Wealth Management raised its holdings in shares of Public Storage (NYSE:PSA) by 28.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,552 shares of the real estate investment trust’s stock after purchasing an additional 1,238 shares during the quarter. Ritholtz Wealth Management’s holdings in Public Storage were worth $2,020,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in PSA. Vanguard Group Inc. increased its stake in Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after buying an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Public Storage by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after buying an additional 219,391 shares in the last quarter. APG Asset Management US Inc. boosted its holdings in shares of Public Storage by 4.8% in the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after buying an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Public Storage by 8.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after purchasing an additional 95,080 shares in the last quarter. Finally, Centersquare Investment Management LLC boosted its stake in Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Scotiabank lifted their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Barclays lifted their target price on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Citigroup lifted their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $337.36.

Public Storage Stock Performance

Shares of PSA opened at $342.83 on Monday. The business’s 50 day moving average is $342.30 and its two-hundred day moving average is $303.29. Public Storage has a 52-week low of $233.18 and a 52-week high of $369.99. The firm has a market cap of $60.00 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 4.82 and a beta of 0.68. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share 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 during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business earned $4.28 earnings per share. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. Analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.50%. Public Storage’s payout ratio is 112.46%.

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.