Public Storage (NYSE:PSA) Shares Acquired by Sigma Investment Counselors Inc.

Sigma Investment Counselors Inc. boosted its holdings in Public Storage (NYSE:PSA) by 0.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 10,420 shares of the real estate investment trust’s stock after buying an additional 60 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in Public Storage were worth $3,792,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. OFI Invest Asset Management acquired a new position in shares of Public Storage in the 2nd quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage during the second quarter valued at approximately $36,000. Crewe Advisors LLC purchased a new stake in shares of Public Storage in the 1st quarter valued at approximately $39,000. EdgeRock Capital LLC acquired a new position in Public Storage in the 2nd quarter worth approximately $39,000. Finally, LRI Investments LLC acquired a new stake in Public Storage during the 1st quarter valued at $40,000. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PSA. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research report on Monday, August 5th. Citigroup upped their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Barclays lifted their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Scotiabank lifted their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $340.93.

Public Storage Price Performance

Shares of Public Storage stock opened at $336.32 on Friday. Public Storage has a 1-year low of $233.18 and a 1-year high of $369.99. The firm has a fifty day simple moving average of $347.24 and a 200-day simple moving average of $306.57. 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 has a market capitalization of $58.86 billion, a price-to-earnings ratio of 31.52, a PEG ratio of 4.72 and a beta of 0.68.

Public Storage (NYSE:PSA) last released 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 for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the company earned $4.28 earnings per share. On average, sell-side analysts expect that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) 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.