Nordea Investment Management AB Acquires 8,208 Shares of Public Storage $PSA

Nordea Investment Management AB raised its stake in shares of Public Storage (NYSE:PSA) by 38.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,731 shares of the real estate investment trust’s stock after buying an additional 8,208 shares during the quarter. Nordea Investment Management AB’s holdings in Public Storage were worth $8,584,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of PSA. Marshall & Sullivan Inc. WA purchased a new position in Public Storage during the 2nd quarter valued at approximately $25,000. Harbor Asset Planning Inc. purchased a new stake in Public Storage during the second quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC bought a new stake in Public Storage in the first quarter worth $30,000. Wayfinding Financial LLC bought a new stake in shares of Public Storage in the 1st quarter worth about $41,000. Finally, Winch Advisory Services LLC boosted its position in shares of Public Storage by 39.8% during the first quarter. Winch Advisory Services LLC now owns 151 shares of the real estate investment trust’s stock valued at $45,000 after buying an additional 43 shares during the period. Institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on PSA. Wells Fargo & Company reduced their target price on shares of Public Storage from $330.00 to $320.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 23rd. Wall Street Zen lowered shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Scotiabank cut their target price on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. decreased their price objective on Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a report on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $324.92.

Public Storage Stock Performance

NYSE:PSA opened at $311.70 on Tuesday. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $355.87. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The company has a 50 day moving average price of $290.41 and a 200 day moving average price of $291.90. The stock has a market capitalization of $54.69 billion, a P/E ratio of 33.99, a PEG ratio of 5.02 and a beta of 0.89.

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

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Monday, September 15th. Public Storage’s dividend payout ratio is presently 130.86%.

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.