Public Storage (NYSE:PSA) Shares Bought by Eagle Ridge Investment Management

Eagle Ridge Investment Management grew its stake in Public Storage (NYSE:PSA) by 0.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,331 shares of the real estate investment trust’s stock after purchasing an additional 479 shares during the period. Public Storage makes up approximately 2.5% of Eagle Ridge Investment Management’s portfolio, making the stock its 13th biggest holding. Eagle Ridge Investment Management’s holdings in Public Storage were worth $28,138,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PSA. Petredis Investment Advisors LLC boosted its holdings in Public Storage by 0.4% in the 3rd quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock valued at $2,497,000 after purchasing an additional 30 shares in the last quarter. Yoder Wealth Management Inc. boosted its stake in shares of Public Storage by 5.0% in the third quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust’s stock valued at $278,000 after buying an additional 36 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Public Storage by 0.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock worth $1,201,000 after acquiring an additional 39 shares during the period. Brookstone Capital Management boosted its position in shares of Public Storage by 3.4% during the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after purchasing an additional 40 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC increased its holdings in shares of Public Storage by 3.5% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after purchasing an additional 42 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on PSA. Morgan Stanley boosted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Barclays upped their price target on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Wells Fargo & Company lifted their price objective on Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a report on Monday. Citigroup raised their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $340.93.

Public Storage Stock Down 0.4 %

Shares of NYSE PSA opened at $338.41 on Friday. The firm has a market cap of $59.23 billion, a P/E ratio of 31.72, a price-to-earnings-growth ratio of 4.72 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99. The firm’s 50 day moving average price is $346.82 and its 200 day moving average price is $306.35.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter last year, the business earned $4.28 EPS. As a group, sell-side analysts anticipate that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.55%. Public Storage’s payout ratio is currently 112.46%.

Public Storage Company 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.