Kingswood Wealth Advisors LLC Increases Stake in Public Storage (NYSE:PSA)

Kingswood Wealth Advisors LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 12.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,101 shares of the real estate investment trust’s stock after buying an additional 235 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Public Storage were worth $604,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Eastover Investment Advisors LLC raised its holdings in Public Storage by 1.2% in the 2nd quarter. Eastover Investment Advisors LLC now owns 21,713 shares of the real estate investment trust’s stock valued at $6,197,000 after acquiring an additional 267 shares during the last quarter. Mather Group LLC. increased its holdings in shares of Public Storage by 8.8% in the second quarter. Mather Group LLC. now owns 1,196 shares of the real estate investment trust’s stock valued at $347,000 after purchasing an additional 97 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Public Storage during the second quarter worth approximately $186,000. DNB Asset Management AS boosted its stake in Public Storage by 6.5% during the second quarter. DNB Asset Management AS now owns 27,023 shares of the real estate investment trust’s stock worth $7,773,000 after buying an additional 1,640 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its holdings in Public Storage by 15.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock valued at $5,916,000 after buying an additional 2,770 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Down 0.8 %

Public Storage stock traded down $2.49 during midday trading on Wednesday, reaching $310.15. 906,237 shares of the stock traded hands, compared to its average volume of 724,437. The company has a current ratio of 0.93, a quick ratio of 0.54 and a debt-to-equity ratio of 1.72. The firm has a market cap of $54.50 billion, a PE ratio of 28.23, a price-to-earnings-growth ratio of 4.57 and a beta of 0.65. The company has a 50-day simple moving average of $290.44 and a two-hundred day simple moving average of $282.97. Public Storage has a 12-month low of $233.18 and a 12-month high of $316.98.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the firm posted $4.28 EPS. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. Research analysts expect that Public Storage will post 16.77 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PSA shares. Evercore ISI boosted their price target on shares of Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Barclays cut their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Scotiabank decreased their price objective on Public Storage from $314.00 to $308.00 and set a “sector perform” rating on the stock in a report on Wednesday. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. Finally, Wells Fargo & Company upped their price target on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $309.92.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of 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 at the SEC website. In related news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction on Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the acquisition, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The disclosure for this purchase can be found here. Insiders own 11.00% of the company’s stock.

Public Storage 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.