Smithbridge Asset Management Inc. DE Buys 1,187 Shares of Public Storage (NYSE:PSA)

Smithbridge Asset Management Inc. DE raised its stake in shares of Public Storage (NYSE:PSA) by 55.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 3,333 shares of the real estate investment trust’s stock after purchasing an additional 1,187 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in Public Storage were worth $1,213,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSA. Centersquare Investment Management LLC increased its holdings in Public Storage by 17.2% in 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 in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Public Storage in the second quarter worth $14,301,000. PGGM Investments raised its position in shares of Public Storage by 8.0% during the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after purchasing an additional 12,396 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Public Storage by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after buying an additional 2,605 shares during the period. Finally, Swedbank AB purchased a new stake in Public Storage in the 1st quarter worth $17,465,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PSA shares. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. Evercore ISI dropped their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Barclays raised their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Citigroup boosted their target price on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Morgan Stanley increased their price target on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $340.93.

Public Storage Stock Up 1.1 %

PSA stock traded up $3.84 during trading on Monday, hitting $340.18. 10,795 shares of the company’s stock traded hands, compared to its average volume of 702,437. The firm has a market capitalization of $59.54 billion, a P/E ratio of 31.52, a PEG ratio of 4.74 and a beta of 0.68. Public Storage has a 1 year low of $233.18 and a 1 year 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 business has a fifty day simple moving average of $347.58 and a two-hundred day simple moving average of $307.22.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter last year, the firm earned $4.28 EPS. Public Storage’s revenue for the quarter was down 1.0% on a year-over-year basis. Sell-side analysts anticipate that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $3.00 per share. 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 3.53%. Public Storage’s dividend payout ratio is currently 112.46%.

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.