Frank Rimerman Advisors LLC Acquires 101 Shares of Public Storage (NYSE:PSA)

Frank Rimerman Advisors LLC grew its position in shares of Public Storage (NYSE:PSA) by 4.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,494 shares of the real estate investment trust’s stock after purchasing an additional 101 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Public Storage were worth $907,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PSA. Vanguard Group Inc. raised its stake in Public Storage by 1.0% during 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 buying an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Public Storage by 4.2% in the 1st 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 purchasing an additional 219,391 shares in the last quarter. APG Asset Management US Inc. increased its stake in Public Storage by 4.8% during the 2nd 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 purchasing an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in Public Storage by 8.6% during the second 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 buying an additional 95,080 shares during the last quarter. Finally, Centersquare Investment Management LLC grew its holdings in shares of Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after buying an additional 173,975 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.6 %

PSA stock opened at $336.34 on Monday. The firm has a fifty day moving average price of $347.58 and a 200 day moving average price of $307.22. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $369.99. The firm has a market cap of $59.10 billion, a PE ratio of 30.55, a price-to-earnings-growth ratio of 4.72 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share 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 during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the company earned $4.28 earnings per share. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. Sell-side analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued 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 dividend yield of 3.57%. Public Storage’s dividend payout ratio is currently 108.99%.

Analysts Set New Price Targets

PSA has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their target price on Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Citigroup increased their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Evercore ISI decreased their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Finally, Jefferies Financial Group boosted their price target on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average 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.