1832 Asset Management L.P. Buys 5,385 Shares of Public Storage $PSA

Key Points

• 1832 Asset Management L.P. increased its stake in Public Storage by 7.0%, now holding 81,812 shares valued at $24.49 million after acquiring 5,385 additional shares.
• Analysts' ratings for Public Storage are mixed, with reports of lowered price targets and changes in ratings, resulting in a consensus of a "Moderate Buy" and a target price of $335.43.
• Public Storage reported earnings per share of $4.28, exceeding analyst expectations, and set its FY 2025 guidance between $16.450 and $17.00.

1832 Asset Management L.P. increased its stake in Public Storage (NYSE:PSA - Free Report) by 7.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 81,812 shares of the real estate investment trust's stock after purchasing an additional 5,385 shares during the quarter. 1832 Asset Management L.P.'s holdings in Public Storage were worth $24,486,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Ameriflex Group Inc. bought a new stake in Public Storage during the fourth quarter valued at about $30,000. Spectrum Wealth Counsel LLC bought a new stake in Public Storage during the first quarter valued at about $30,000. Opal Wealth Advisors LLC bought a new stake in Public Storage during the first quarter valued at about $36,000. Parvin Asset Management LLC bought a new stake in Public Storage during the fourth quarter valued at about $38,000. Finally, Wayfinding Financial LLC bought a new stake in Public Storage during the first quarter valued at about $41,000. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Down 0.3%

Shares of NYSE:PSA traded down $0.79 during trading hours on Tuesday, hitting $289.05. 760,164 shares of the company's stock traded hands, compared to its average volume of 776,412. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The business has a fifty day moving average price of $287.57 and a 200-day moving average price of $294.30. The firm has a market capitalization of $50.71 billion, a P/E ratio of 31.52, a price-to-earnings-growth ratio of 4.81 and a beta of 0.86. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the business earned $4.23 earnings per share. The company's revenue for the quarter was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.2%. Public Storage's dividend payout ratio is presently 130.86%.

Wall Street Analyst Weigh In

A number of research firms have commented on PSA. BNP Paribas raised Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. BNP Paribas Exane began coverage on Public Storage in a report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price target on the stock. Wells Fargo & Company decreased their price target on Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $340.00 to $325.00 in a report on Friday, June 20th. Finally, Evercore ISI lifted their target price on Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a report on Monday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and an average price target of $335.43.

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.