Corient Private Wealth LP purchased a new position in shares of Public Storage (NYSE:PSA – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 63,866 shares of the real estate investment trust’s stock, valued at approximately $20,329,000.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Bruce G. Allen Investments LLC lifted its position in Public Storage by 89.6% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 43 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of Public Storage in the third quarter valued at approximately $27,000. Bayban acquired a new position in shares of Public Storage in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Public Storage during the second quarter worth approximately $36,000. Finally, Wealth Watch Advisors INC purchased a new stake in shares of Public Storage during the third quarter worth approximately $34,000. Institutional investors and hedge funds own 78.79% of the company’s stock.
Insider Transactions at Public Storage
In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $327.53, for a total transaction of $463,127.42. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 11.10% of the company’s stock.
Public Storage Trading Up 0.8%
Public Storage (NYSE:PSA – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $1.64. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.23 billion. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. The company’s revenue for the quarter was down .5% on a year-over-year basis. During the same period last year, the firm earned $4.28 EPS. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. On average, research analysts predict that Public Storage will post 16.93 earnings per share for the current fiscal year.
Public Storage Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $12.00 annualized dividend and a yield of 3.8%. Public Storage’s payout ratio is currently 114.50%.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on PSA shares. Scotiabank lifted their price objective on shares of Public Storage from $345.00 to $346.00 and gave the company an “outperform” rating in a research report on Tuesday, August 18th. JPMorgan Chase & Co. upped their price objective on shares of Public Storage from $291.00 to $338.00 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. BNP Paribas Exane raised their target price on shares of Public Storage from $331.00 to $335.00 and gave the stock an “outperform” rating in a research note on Friday, May 22nd. Citigroup raised their target price on shares of Public Storage from $325.00 to $363.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Finally, Truist Financial lifted their target price on shares of Public Storage from $302.00 to $338.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Seven research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat, Public Storage has an average rating of “Hold” and an average target price of $326.16.
Get Our Latest Report on Public Storage
About Public Storage
Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.
The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.
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