Pallas Capital Advisors LLC Acquires New Stake in Public Storage (NYSE:PSA)

Pallas Capital Advisors LLC bought a new position in shares of Public Storage (NYSE:PSA) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 888 shares of the real estate investment trust’s stock, valued at approximately $270,000.

A number of other large investors have also modified their holdings of the business. Norges Bank purchased a new stake in Public Storage during the 4th quarter valued at about $821,151,000. Daiwa Securities Group Inc. grew its position in shares of Public Storage by 86.8% in the first quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after purchasing an additional 299,826 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Public Storage by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after purchasing an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after buying an additional 219,391 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Public Storage by 1.0% during the first 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 last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.6 %

NYSE:PSA traded up $1.84 during midday trading on Tuesday, reaching $324.92. The company had a trading volume of 236,771 shares, compared to its average volume of 713,144. Public Storage has a 12-month low of $233.18 and a 12-month high of $325.18. The firm has a market capitalization of $57.10 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 5.30 and a beta of 0.65. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock’s fifty day simple moving average is $298.27 and its 200-day simple moving average is $284.74.

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

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.69%. Public Storage’s payout ratio is currently 108.99%.

Analysts Set New Price Targets

Several research firms have recently commented on PSA. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a report on Monday, August 5th. Scotiabank reduced their target price on shares of Public Storage from $314.00 to $308.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Evercore ISI increased their price target on shares of Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. Finally, Wells Fargo & Company lifted their target price on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Public Storage currently has an average rating of “Hold” and an average price target of $309.92.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated 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 sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.00% of the stock is currently owned by corporate insiders.

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.