Baker Ellis Asset Management LLC Buys New Stake in Public Storage $PSA

Baker Ellis Asset Management LLC bought a new stake in Public Storage (NYSE:PSA) in the second quarter, HoldingsChannel.com reports. The fund bought 16,123 shares of the real estate investment trust’s stock, valued at approximately $4,731,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ameriflex Group Inc. purchased a new position in Public Storage during the fourth quarter worth $30,000. Spectrum Wealth Counsel LLC purchased a new position in Public Storage during the first quarter worth $30,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the first quarter worth $36,000. Wayfinding Financial LLC purchased a new position in Public Storage during the first quarter worth $41,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Public Storage during the fourth quarter worth $43,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

PSA stock opened at $292.71 on Monday. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The business has a 50-day moving average price of $287.40 and a 200 day moving average price of $293.40. The company has a market capitalization of $51.36 billion, a P/E ratio of 31.92, a PEG ratio of 4.85 and a beta of 0.86. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, equities research analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Monday, September 15th. Public Storage’s payout ratio is presently 130.86%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Evercore ISI lifted their price objective on shares of Public Storage from $308.00 to $309.00 and gave the stock an “in-line” rating in a research note on Monday, August 4th. Scotiabank dropped their price objective on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 28th. Royal Bank Of Canada decreased their target price on Public Storage from $328.00 to $309.00 and set a “sector perform” rating for the company in a research report on Friday, August 1st. BMO Capital Markets downgraded Public Storage from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Finally, Barclays decreased their target price on Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $331.62.

About Public Storage

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.