Leo Wealth LLC Buys New Position in Public Storage (NYSE:PSA)

Leo Wealth LLC acquired a new position in Public Storage (NYSE:PSA) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 600 shares of the real estate investment trust’s stock, valued at approximately $218,000.

Other institutional investors have also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new position in shares of Public Storage during the second quarter valued at approximately $32,000. Opal Wealth Advisors LLC bought a new stake in Public Storage in the second quarter worth $36,000. Riverview Trust Co purchased a new stake in shares of Public Storage in the first quarter worth $37,000. Crewe Advisors LLC bought a new position in shares of Public Storage during the first quarter valued at $39,000. Finally, EdgeRock Capital LLC purchased a new position in shares of Public Storage during the 2nd quarter valued at about $39,000. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of recent analyst reports. Citigroup raised their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Bank of America downgraded 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. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Thursday, August 1st. Finally, Barclays increased their price objective on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $340.93.

Public Storage Trading Up 0.9 %

PSA stock opened at $334.98 on Wednesday. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99. The firm’s 50-day moving average is $346.44 and its 200 day moving average is $306.11. The company has a market capitalization of $58.63 billion, a PE ratio of 31.39, a P/E/G ratio of 4.87 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

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

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.58%. Public Storage’s payout ratio 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.