Adelante Capital Management LLC Buys 24,232 Shares of Public Storage $PSA

Key Points

• Adelante Capital Management increased its Public Storage position by 10%, buying 24,232 shares to hold 265,447 shares valued at approximately $71.9 million.
• Public Storage reported quarterly EPS of $2.71, exceeding estimates of $2.42, while revenue was approximately $1.22 billion and slightly declined year over year. The company also maintains a $3.00 quarterly dividend, equal to a 3.6% annualized yield.
• PSA shares opened at $331.02, near their 52-week high, while analysts maintain a consensus “Hold” rating with an average price target of $325.37.

Adelante Capital Management LLC increased its position in shares of Public Storage (NYSE:PSA - Free Report) by 10.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 265,447 shares of the real estate investment trust's stock after buying an additional 24,232 shares during the quarter. Public Storage accounts for 4.7% of Adelante Capital Management LLC's portfolio, making the stock its 7th biggest holding. Adelante Capital Management LLC owned approximately 0.15% of Public Storage worth $71,904,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Bayban acquired a new stake in Public Storage during the fourth quarter worth $26,000. Harvest Fund Management Co. Ltd acquired a new position in Public Storage in the third quarter worth about $27,000. Wealth Watch Advisors INC bought a new position in Public Storage during the third quarter worth about $34,000. Raiffeisen Bank International AG boosted its holdings in Public Storage by 35.2% during the fourth quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust's stock valued at $37,000 after purchasing an additional 37 shares in the last quarter. Finally, Knuff & Co LLC acquired a new position in shares of Public Storage in the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Insider Buying and Selling

In related 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 value of $308,569.50. Following the sale, the insider directly owned 1,414 shares in the company, valued at $459,281.34. This represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 11.10% of the stock is owned by insiders.

Public Storage Trading Up 2.2%

Shares of NYSE:PSA opened at $331.02 on Wednesday. The business's 50 day simple moving average is $316.58 and its 200 day simple moving average is $300.98. The company has a market capitalization of $58.11 billion, a P/E ratio of 34.16, a P/E/G ratio of 4.36 and a beta of 0.96. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.56 and a quick ratio of 0.56. Public Storage has a 1 year low of $256.54 and a 1 year high of $335.05.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share for the quarter, topping analysts' consensus estimates of $2.42 by $0.29. Public Storage had a net margin of 39.16% and a return on equity of 37.78%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the firm posted $4.12 EPS. The firm's quarterly revenue was down .1% on a year-over-year basis. On average, research analysts anticipate that Public Storage will post 16.94 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, June 15th. Public Storage's dividend payout ratio is 123.84%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Raymond James Financial started coverage on Public Storage in a research note on Thursday, July 16th. They issued a "market perform" rating for the company. JPMorgan Chase & Co. raised their price objective on shares of Public Storage from $291.00 to $338.00 and gave the stock a "neutral" rating in a report on Thursday, June 11th. The Goldman Sachs Group restated a "buy" rating and set a $341.00 target price on shares of Public Storage in a report on Wednesday, April 29th. Barclays reaffirmed an "equal weight" rating and set a $349.00 price target on shares of Public Storage in a research report on Friday, July 10th. Finally, Truist Financial increased their price objective on Public Storage from $302.00 to $338.00 and gave the company a "buy" rating in a report on Tuesday, June 23rd. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, Public Storage currently has an average rating of "Hold" and an average target price of $325.37.

About Public Storage

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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