Kestra Investment Management LLC Purchases New Position in Public Storage $PSA

Kestra Investment Management LLC purchased a new position in shares of Public Storage (NYSE:PSA) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,612 shares of the real estate investment trust’s stock, valued at approximately $456,000.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Public Storage in the second quarter valued at $5,495,077,000. Legal & General Group Plc bought a new position in Public Storage during the 2nd quarter worth $601,650,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Public Storage during the 2nd quarter worth $558,904,000. Deutsche Bank AG acquired a new position in Public Storage during the 2nd quarter worth about $400,776,000. Finally, Bank of America Corp DE acquired a new stake in shares of Public Storage in the second quarter valued at about $333,063,000. Institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

PSA has been the subject of a number of analyst reports. Truist Financial initiated coverage on Public Storage in a research report on Friday, October 2nd. They set a “buy” rating and a $317.00 price objective for the company. Wall Street Zen cut Public Storage from a “hold” rating to a “sell” rating in a report on Saturday, October 31st. Raymond James Financial began coverage on Public Storage in a report on Thursday, July 16th. They issued a “market perform” rating on the stock. Mizuho raised their price target on shares of Public Storage from $316.00 to $319.00 and gave the stock a “neutral” rating in a report on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Public Storage from $338.00 to $330.00 and set a “neutral” rating on the stock in a research report on Monday, September 21st. Seven investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $325.79.

Public Storage Stock Down 0.2%

Shares of NYSE:PSA opened at $335.38 on Thursday. Public Storage has a 1 year low of $256.54 and a 1 year high of $345.89. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.00 and a quick ratio of 1.00. The business’s 50-day moving average is $302.31 and its 200-day moving average is $304.77. The company has a market capitalization of $62.66 billion, a price-to-earnings ratio of 35.12, a P/E/G ratio of 4.97 and a beta of 0.89.

Public Storage (NYSE:PSA) last released its earnings results on Monday, October 26th. The real estate investment trust reported $1.69 EPS for the quarter, missing the consensus estimate of $2.49 by ($0.80). Public Storage had a return on equity of 29.93% and a net margin of 37.76%. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the business earned $4.31 EPS. The company’s revenue for the quarter was up .5% on a year-over-year basis. Equities research analysts predict that Public Storage will post 16.97 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 8th. Stockholders of record on Tuesday, December 15th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $12.00 annualized dividend and a dividend yield of 3.6%. Public Storage’s dividend payout ratio (DPR) is 125.65%.

Public Storage Company Profile

Public Storage is a real estate investment trust that owns and operates self-storage facilities. Its properties offer individuals and businesses rental storage units in a range of sizes for household goods, business inventory, and other belongings. The company also provides related services, including storage protection plans. Founded in 1972, Public Storage has grown into a major self-storage provider in the United States, with facilities serving customers across the country. Its business also has a connection to Europe through its investment in Shurgard Self Storage, which operates self-storage properties in several European markets.