L & S Advisors Inc Makes New $2.28 Million Investment in Public Storage (NYSE:PSA)

L & S Advisors Inc bought a new stake in Public Storage (NYSE:PSA) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 7,937 shares of the real estate investment trust’s stock, valued at approximately $2,283,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Edgestream Partners L.P. purchased a new stake in shares of Public Storage during the 2nd quarter worth approximately $1,889,000. Renaissance Technologies LLC grew its stake in Public Storage by 41.8% in the 2nd quarter. Renaissance Technologies LLC now owns 134,300 shares of the real estate investment trust’s stock valued at $38,631,000 after buying an additional 39,566 shares in the last quarter. One Capital Management LLC bought a new stake in Public Storage during the 2nd quarter valued at $895,000. Rathbones Group PLC raised its stake in shares of Public Storage by 7.3% during the 2nd quarter. Rathbones Group PLC now owns 8,115 shares of the real estate investment trust’s stock valued at $2,334,000 after purchasing an additional 554 shares during the period. Finally, Thompson Siegel & Walmsley LLC lifted its holdings in Public Storage by 66.7% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 19,250 shares of the real estate investment trust’s stock worth $5,537,000 after purchasing an additional 7,700 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE:PSA opened at $362.96 on Tuesday. 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 stock has a market cap of $63.78 billion, a PE ratio of 32.97, a PEG ratio of 5.06 and a beta of 0.67. The company’s fifty day moving average is $321.65 and its 200 day moving average is $293.66. Public Storage has a 52 week low of $233.18 and a 52 week high of $364.61.

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

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is 108.99%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PSA shares. Wells Fargo & Company upped their price target on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Citigroup raised their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research report on Thursday, August 1st. Barclays boosted their target price on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Royal Bank of Canada initiated coverage on Public Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $325.85.

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.