4,225 Shares in Public Storage (NYSE:PSA) Purchased by American Assets Investment Management LLC

Key Points

• American Assets Investment Management LLC has acquired a new position in Public Storage, purchasing 4,225 shares valued at approximately $1.26 million during the first quarter.
• Public Storage's analysts report a mixed outlook, with price targets ranging from $309.00 to $380.00, resulting in a consensus rating of "Moderate Buy" and an average price target of $335.57.
• Public Storage recently announced a quarterly dividend of $3.00 per share, which indicates a 4.3% dividend yield, but the company's payout ratio is currently 130.86%.

American Assets Investment Management LLC bought a new position in shares of Public Storage (NYSE:PSA - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,225 shares of the real estate investment trust's stock, valued at approximately $1,264,000.

Other large investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its position in Public Storage by 12.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock worth $13,240,000 after buying an additional 4,746 shares during the period. Brighton Jones LLC lifted its position in Public Storage by 9.7% during the first quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock worth $517,000 after buying an additional 152 shares during the period. Asset Management One Co. Ltd. lifted its position in Public Storage by 1.2% during the first quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock worth $92,960,000 after buying an additional 3,627 shares during the period. Private Trust Co. NA lifted its position in Public Storage by 228.1% during the first quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock worth $640,000 after buying an additional 1,487 shares during the period. Finally, Summit Trail Advisors LLC lifted its position in Public Storage by 43.3% during the first quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock worth $1,083,000 after buying an additional 1,093 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PSA shares. Evercore ISI increased their target price on Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a research report on Monday. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective on the stock in a report on Thursday, April 10th. Bank of America raised their price objective on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Wells Fargo & Company cut their price objective on Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. Finally, BNP Paribas Exane began coverage on Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of "Moderate Buy" and an average price target of $335.57.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $280.58 on Tuesday. The company has a market cap of $49.22 billion, a P/E ratio of 30.60, a PEG ratio of 4.07 and a beta of 0.86. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. Public Storage has a one year low of $256.60 and a one year high of $369.99. The business's 50-day simple moving average is $293.01 and its 200 day simple moving average is $295.69.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating the consensus estimate of $4.23 by $0.05. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%. The company's revenue was up 2.4% on a year-over-year basis. During the same period last year, the business posted $4.23 EPS. On average, sell-side analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is presently 130.86%.

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.

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