Lasalle Investment Management Securities LLC Buys 17,701 Shares of Public Storage (NYSE:PSA)

Lasalle Investment Management Securities LLC boosted its stake in shares of Public Storage (NYSE:PSA) by 3.4% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 541,835 shares of the real estate investment trust’s stock after purchasing an additional 17,701 shares during the quarter. Public Storage comprises 6.5% of Lasalle Investment Management Securities LLC’s portfolio, making the stock its 2nd biggest holding. Lasalle Investment Management Securities LLC’s holdings in Public Storage were worth $157,165,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after purchasing an additional 217,487 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after buying an additional 219,391 shares during the period. Norges Bank purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $821,151,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Public Storage by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock valued at $794,161,000 after buying an additional 216,331 shares during the period. Finally, APG Asset Management US Inc. lifted its stake in shares of Public Storage by 4.7% during the fourth quarter. APG Asset Management US Inc. now owns 2,074,617 shares of the real estate investment trust’s stock valued at $632,758,000 after buying an additional 93,122 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.00% of the company’s stock.

Public Storage Trading Up 3.9 %

Shares of Public Storage stock traded up $11.82 during trading hours on Friday, hitting $311.90. The company’s stock had a trading volume of 1,217,011 shares, compared to its average volume of 652,290. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93. The business has a fifty day moving average of $288.97 and a 200 day moving average of $282.82. The company has a market capitalization of $54.81 billion, a PE ratio of 28.33, a P/E/G ratio of 4.39 and a beta of 0.65. The company has a quick ratio of 0.54, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last released its quarterly earnings data 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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the company earned $4.28 EPS. Public Storage’s revenue was down 1.0% on a year-over-year basis. As a group, equities analysts forecast that Public Storage will post 16.8 EPS for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

Analyst Ratings Changes

Several equities analysts recently issued reports on PSA shares. Scotiabank upped their price objective on shares of Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a research note on Friday, July 19th. Wells Fargo & Company increased their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Evercore ISI increased their price target on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Truist Financial downgraded 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 note on Thursday. Finally, Barclays cut their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $309.73.

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.