Adams Diversified Equity Fund Inc. Acquires New Shares in Public Storage $PSA

Key Points

• Adams Diversified Equity Fund bought a new stake in Public Storage in the first quarter, acquiring 28,900 shares valued at about $7.83 million.
• Public Storage shares were up 1.2% to $324.46, near their 52-week high, while the stock remains widely held by institutions and hedge funds, which own 78.79% of the company.
• The REIT reported Q1 EPS of $2.71, beating analyst expectations, and it declared a quarterly dividend of $3.00 per share, equal to a $12.00 annualized payout and a 3.7% yield.

Adams Diversified Equity Fund Inc. purchased a new position in Public Storage (NYSE:PSA - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 28,900 shares of the real estate investment trust's stock, valued at approximately $7,828,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Knights of Columbus Asset Advisors LLC increased its holdings in shares of Public Storage by 25.3% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 18,610 shares of the real estate investment trust's stock valued at $4,829,000 after purchasing an additional 3,763 shares in the last quarter. Barclays PLC raised its position in shares of Public Storage by 93.8% during the third quarter. Barclays PLC now owns 602,959 shares of the real estate investment trust's stock worth $174,165,000 after acquiring an additional 291,895 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Public Storage by 5.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 458,815 shares of the real estate investment trust's stock valued at $118,576,000 after acquiring an additional 25,353 shares during the period. Principal Financial Group Inc. lifted its position in Public Storage by 5.3% during the 4th quarter. Principal Financial Group Inc. now owns 246,002 shares of the real estate investment trust's stock valued at $63,838,000 after purchasing an additional 12,444 shares during the period. Finally, Nomura Asset Management Co. Ltd. boosted its stake in shares of Public Storage by 3.4% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 289,675 shares of the real estate investment trust's stock valued at $75,171,000 after purchasing an additional 9,618 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Up 1.2%

Shares of NYSE:PSA opened at $324.46 on Friday. Public Storage has a 12 month low of $256.54 and a 12 month high of $331.79. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 2.02. The company's fifty day simple moving average is $309.20 and its 200 day simple moving average is $291.96. The firm has a market cap of $56.96 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 4.36 and a beta of 0.98.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.42 by $0.29. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.22 billion. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The company's revenue was down .1% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.12 EPS. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. As a group, research analysts forecast that Public Storage will post 16.94 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $3.00 dividend. The ex-dividend date is Monday, June 15th. This represents a $12.00 annualized dividend and a yield of 3.7%. Public Storage's payout ratio is presently 123.84%.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $324.81, for a total transaction of $308,569.50. Following the completion of the transaction, the insider owned 1,414 shares of the company's stock, valued at $459,281.34. This represents a 40.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 11.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PSA. Citigroup lifted their target price on shares of Public Storage from $325.00 to $363.00 and gave the stock a "buy" rating in a report on Tuesday, June 16th. Barclays reduced their price target on shares of Public Storage from $352.00 to $349.00 and set an "overweight" rating on the stock in a research report on Thursday, May 7th. Jefferies Financial Group boosted their price target on shares of Public Storage from $350.00 to $355.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. William Blair set a $305.00 price objective on shares of Public Storage in a research report on Monday, March 16th. Finally, BNP Paribas Exane raised their price objective on Public Storage from $331.00 to $335.00 and gave the stock an "outperform" rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $324.68.

Public Storage Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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