Patrick M Sweeney & Associates Inc. Buys 130 Shares of Public Storage (NYSE:PSA)

Patrick M Sweeney & Associates Inc. raised its stake in Public Storage (NYSE:PSA) by 14.3% during the third quarter, HoldingsChannel.com reports. The fund owned 1,039 shares of the real estate investment trust’s stock after acquiring an additional 130 shares during the quarter. Patrick M Sweeney & Associates Inc.’s holdings in Public Storage were worth $378,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PSA. Vanguard Group Inc. grew its holdings in shares of Public Storage by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after purchasing an additional 217,487 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after buying an additional 219,391 shares in the last quarter. APG Asset Management US Inc. raised its stake in shares of Public Storage by 4.8% in the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after acquiring an additional 100,000 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Public Storage by 8.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after acquiring an additional 95,080 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its position in Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after acquiring an additional 173,975 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Up 1.4 %

Shares of PSA stock opened at $339.77 on Thursday. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm has a fifty day moving average of $346.82 and a 200-day moving average of $306.35. The company has a market capitalization of $59.71 billion, a price-to-earnings ratio of 30.86, a P/E/G ratio of 4.87 and a beta of 0.68.

Public Storage (NYSE:PSA) last released its 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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the company posted $4.28 EPS. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, equities research analysts predict that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PSA. Scotiabank raised their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. Evercore ISI cut their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Citigroup lifted their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company upped their target price on shares of Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a research report on Monday. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $340.93.

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.