Plato Investment Management Ltd Buys 4,935 Shares of Public Storage (NYSE:PSA)

Plato Investment Management Ltd raised its stake in Public Storage (NYSE:PSA) by 413.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,128 shares of the real estate investment trust’s stock after purchasing an additional 4,935 shares during the quarter. Plato Investment Management Ltd’s holdings in Public Storage were worth $1,777,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of PSA. Gold Investment Management Ltd. bought a new stake in Public Storage in the 4th quarter worth about $849,000. The Manufacturers Life Insurance Company increased its position in shares of Public Storage by 4.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock valued at $39,373,000 after acquiring an additional 5,239 shares during the last quarter. Global Assets Advisory LLC bought a new stake in Public Storage during the first quarter worth $7,319,000. Centersquare Investment Management LLC boosted its position in Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares during the last quarter. Finally, Scarborough Advisors LLC bought a new position in Public Storage in the 4th quarter valued at $4,701,000. Institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on PSA. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday. Evercore ISI boosted their target price 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. Barclays reduced their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research report on Monday, May 20th. Scotiabank lifted their price target on shares of Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a report on Friday, July 19th. Finally, Wells Fargo & Company increased their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $309.73.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the sale, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now owns 3,214 shares of the company’s stock, valued at $881,568.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now directly owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is currently owned by company insiders.

Public Storage Price Performance

NYSE PSA traded up $4.00 during trading hours on Thursday, hitting $299.92. The company had a trading volume of 763,750 shares, compared to its average volume of 713,202. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market capitalization of $52.70 billion, a price-to-earnings ratio of 26.88, a PEG ratio of 4.44 and a beta of 0.65. Public Storage has a 52 week low of $233.18 and a 52 week high of $314.93. The firm has a 50 day simple moving average of $287.67 and a 200 day simple moving average of $282.66.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.06% and a net margin of 44.88%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $4.28 earnings per share. Equities research analysts expect that Public Storage will post 16.88 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.00%. Public Storage’s payout ratio is currently 108.99%.

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.