Seven Post Investment Office LP Grows Stock Position in Public Storage (NYSE:PSA)

Seven Post Investment Office LP raised its stake in Public Storage (NYSE:PSA) by 0.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 29,250 shares of the real estate investment trust’s stock after acquiring an additional 171 shares during the period. Public Storage comprises about 3.3% of Seven Post Investment Office LP’s investment portfolio, making the stock its 9th largest position. Seven Post Investment Office LP’s holdings in Public Storage were worth $8,754,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Public Storage by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock valued at $40,926,000 after purchasing an additional 31,662 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in Public Storage during the 4th quarter worth approximately $395,000. Aew Capital Management L P raised its stake in Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after buying an additional 228,740 shares during the period. Jones Financial Companies Lllp raised its stake in Public Storage by 53.5% during the 4th quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust’s stock worth $5,759,000 after buying an additional 6,706 shares during the period. Finally, Meeder Asset Management Inc. raised its stake in Public Storage by 1,360.5% during the 4th quarter. Meeder Asset Management Inc. now owns 1,256 shares of the real estate investment trust’s stock worth $376,000 after buying an additional 1,170 shares during the period. Institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Evercore ISI raised their target price on Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. Scotiabank increased their price target on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research report on Monday, May 12th. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research report on Thursday, April 10th. Mizuho increased their price target on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research report on Wednesday, May 28th. Finally, Bank of America increased their price target on Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price of $339.25.

Public Storage Stock Performance

Shares of PSA opened at $294.60 on Tuesday. The business’s fifty day simple moving average is $297.68 and its two-hundred day simple moving average is $300.09. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The company has a market cap of $51.68 billion, a price-to-earnings ratio of 30.59, a P/E/G ratio of 4.91 and a beta of 0.89.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the firm earned $4.03 EPS. The company’s revenue was up .1% compared to the same quarter last year. Research analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio is currently 119.17%.

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.