Public Storage (NYSE:PSA) is Edge Wealth Management LLC’s 10th Largest Position

Edge Wealth Management LLC lowered its position in shares of Public Storage (NYSE:PSA) by 1.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,816 shares of the real estate investment trust’s stock after selling 495 shares during the period. Public Storage comprises approximately 3.3% of Edge Wealth Management LLC’s holdings, making the stock its 10th largest holding. Edge Wealth Management LLC’s holdings in Public Storage were worth $16,307,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PSA. Signet Financial Management LLC boosted its holdings in Public Storage by 2.1% during the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after buying an additional 39 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Public Storage by 0.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after purchasing an additional 39 shares during the period. Brookstone Capital Management lifted its position in shares of Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after purchasing an additional 40 shares in the last quarter. Legacy Wealth Asset Management LLC increased its stake in shares of Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after buying an additional 42 shares during the period. Finally, Rise Advisors LLC boosted its holdings in Public Storage by 3.4% in the third quarter. Rise Advisors LLC now owns 1,275 shares of the real estate investment trust’s stock valued at $464,000 after purchasing an additional 42 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PSA. Barclays increased their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Jefferies Financial Group raised their price target on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Royal Bank of Canada began coverage on shares of Public Storage in a report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 target price on the stock. Finally, Citigroup increased their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $337.00.

Public Storage Stock Up 0.4 %

PSA stock traded up $1.27 during trading on Tuesday, reaching $344.99. The stock had a trading volume of 617,465 shares, compared to its average volume of 712,023. The company has a market capitalization of $60.38 billion, a price-to-earnings ratio of 32.23, a P/E/G ratio of 4.82 and a beta of 0.68. 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 company’s 50 day moving average is $343.10 and its two-hundred day moving average is $303.67. Public Storage has a one year low of $233.18 and a one year high of $369.99.

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). The firm 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 business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.28 earnings per share. Equities research analysts forecast that Public Storage will post 16.73 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

About Public Storage

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.