Waddell & Associates LLC Boosts Holdings in Public Storage (NYSE:PSA)

Waddell & Associates LLC raised its stake in shares of Public Storage (NYSE:PSA) by 53.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,935 shares of the real estate investment trust’s stock after purchasing an additional 1,028 shares during the period. Waddell & Associates LLC’s holdings in Public Storage were worth $844,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 44 shares in the last quarter. Core Wealth Advisors Inc. purchased a new position in Public Storage during the fourth quarter valued at $30,000. OFI Invest Asset Management purchased a new position in Public Storage during the second quarter valued at $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage in the second quarter valued at about $36,000. Finally, ICA Group Wealth Management LLC acquired a new stake in shares of Public Storage in the fourth quarter valued at about $37,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Trading Up 1.3 %

Shares of PSA traded up $4.46 during trading on Friday, reaching $345.63. 860,113 shares of the company traded hands, compared to its average volume of 583,124. Public Storage has a twelve month low of $233.18 and a twelve month high of $347.77. The stock has a market cap of $60.49 billion, a PE ratio of 31.39, a price-to-earnings-growth ratio of 5.69 and a beta of 0.67. The stock has a 50-day simple moving average of $313.10 and a 200-day simple moving average of $290.42. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last announced its quarterly earnings results 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 net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the business earned $4.28 earnings per share. Public Storage’s revenue was down 1.0% on a year-over-year basis. On average, analysts anticipate that Public Storage will post 16.72 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research report on Monday, August 5th. Scotiabank increased their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday. Wells Fargo & Company increased their target price on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $323.77.

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.