DNB Asset Management AS Purchases 1,640 Shares of Public Storage (NYSE:PSA)

DNB Asset Management AS grew its stake in Public Storage (NYSE:PSA) by 6.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,023 shares of the real estate investment trust’s stock after purchasing an additional 1,640 shares during the period. DNB Asset Management AS’s holdings in Public Storage were worth $7,773,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in shares of Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 44 shares in the last quarter. Core Wealth Advisors Inc. acquired a new stake in Public Storage during the 4th quarter worth approximately $30,000. EdgeRock Capital LLC acquired a new stake in Public Storage during the 4th quarter worth approximately $32,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Public Storage during the 4th quarter worth approximately $35,000. Finally, ICA Group Wealth Management LLC acquired a new stake in Public Storage during the 4th quarter worth approximately $37,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Up 3.0 %

PSA stock traded up $8.98 during midday trading on Tuesday, reaching $312.64. 1,029,282 shares of the company’s stock traded hands, compared to its average volume of 723,221. The company has a market cap of $54.94 billion, a price-to-earnings ratio of 27.58, a P/E/G ratio of 4.57 and a beta of 0.65. The firm’s fifty day moving average price is $289.59 and its 200-day moving average price is $282.82. 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 has a 52 week low of $233.18 and a 52 week high of $315.26.

Public Storage (NYSE:PSA) last announced its quarterly earnings results 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). The business had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter last year, the firm posted $4.28 EPS. As a group, sell-side analysts forecast that Public Storage will post 16.77 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders 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 3.84%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is 108.99%.

Analyst Ratings Changes

PSA has been the topic of several recent research reports. Wells Fargo & Company lifted their target price on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Barclays cut their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research report on Monday. 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 report on Thursday, August 1st. Finally, Evercore ISI boosted 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 report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $310.42.

Insiders Place Their Bets

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of Public Storage 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of Public Storage 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now directly owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. Insiders own 11.00% of the company’s stock.

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.