Reston Wealth Management LLC Invests $80,000 in Public Storage (NYSE:PSA)

Reston Wealth Management LLC bought a new position in Public Storage (NYSE:PSA) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 220 shares of the real estate investment trust’s stock, valued at approximately $80,000.

Other institutional investors and hedge funds have also modified their holdings of the company. OFI Invest Asset Management acquired a new position in shares of Public Storage in the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage in the 2nd quarter worth approximately $36,000. Crewe Advisors LLC bought a new position in Public Storage in the 1st quarter worth approximately $39,000. EdgeRock Capital LLC bought a new position in Public Storage in the 2nd quarter worth approximately $39,000. Finally, LRI Investments LLC bought a new position in Public Storage in the 1st quarter worth approximately $40,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

PSA opened at $329.06 on Friday. 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 has a 12 month low of $233.18 and a 12 month high of $369.99. The company has a fifty day simple moving average of $348.04 and a 200 day simple moving average of $308.41. The stock has a market cap of $57.59 billion, a P/E ratio of 34.17, a P/E/G ratio of 4.73 and a beta of 0.68.

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 analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 40.54% and a return on equity of 33.66%. The firm had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the company earned $4.28 EPS. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. On average, research analysts expect that Public Storage will post 16.73 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on PSA shares. Royal Bank of Canada started coverage on shares of Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective for the company. Morgan Stanley boosted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group boosted their price objective 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. Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $341.43.

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.