Burford Brothers Inc. Sells 67 Shares of Public Storage (NYSE:PSA)

Burford Brothers Inc. reduced its position in shares of Public Storage (NYSE:PSA) by 3.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,790 shares of the real estate investment trust’s stock after selling 67 shares during the period. Burford Brothers Inc.’s holdings in Public Storage were worth $651,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Petredis Investment Advisors LLC lifted its position in shares of Public Storage by 0.4% during the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock valued at $2,497,000 after purchasing an additional 30 shares in the last quarter. Yoder Wealth Management Inc. lifted its position in shares of Public Storage by 5.0% during the third quarter. Yoder Wealth Management Inc. now owns 763 shares of the real estate investment trust’s stock valued at $278,000 after purchasing an additional 36 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Public Storage by 0.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after purchasing an additional 39 shares in the last quarter. Brookstone Capital Management lifted its position in shares of Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after purchasing an additional 40 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC lifted its position in shares of Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after purchasing an additional 42 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

Shares of NYSE:PSA opened at $336.32 on Friday. The company has a 50 day moving average of $347.24 and a 200 day moving average of $306.57. The stock has a market cap of $58.86 billion, a P/E ratio of 31.52, a P/E/G ratio of 4.72 and a beta of 0.68. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm posted $4.28 EPS. As a group, sell-side analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.57%. Public Storage’s dividend payout ratio is presently 112.46%.

Analyst Upgrades and Downgrades

Several brokerages have commented on PSA. Royal Bank of Canada began coverage on shares of Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Evercore ISI lowered their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Scotiabank lifted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $340.93.

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.