Azimuth Capital Investment Management LLC Increases Stock Holdings in Public Storage $PSA

Key Points

• Azimuth Capital Investment Management LLC increased its holdings in Public Storage (NYSE:PSA) by 14.5%, now owning 11,571 shares valued at approximately $3.46 million.
• Public Storage reported a Q2 EPS of $4.28, surpassing analyst estimates of $4.23, with revenue around $1.20 billion, reflecting a 2.4% year-over-year growth.
• The company's stock has a consensus rating of "Moderate Buy" with an average price target of approximately $331.93.

Azimuth Capital Investment Management LLC increased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 14.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 11,571 shares of the real estate investment trust's stock after acquiring an additional 1,462 shares during the period. Azimuth Capital Investment Management LLC's holdings in Public Storage were worth $3,463,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ameriflex Group Inc. bought a new stake in shares of Public Storage during the 4th quarter worth approximately $30,000. Spectrum Wealth Counsel LLC bought a new stake in shares of Public Storage during the 1st quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Public Storage during the 4th quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage during the 1st quarter worth approximately $36,000. Finally, Parvin Asset Management LLC bought a new stake in shares of Public Storage during the 4th quarter worth approximately $38,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Down 0.0%

Shares of NYSE:PSA traded down $0.06 on Wednesday, reaching $287.29. The company had a trading volume of 330,403 shares, compared to its average volume of 802,254. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The firm's 50 day simple moving average is $288.24 and its 200-day simple moving average is $294.68. The firm has a market capitalization of $50.41 billion, a PE ratio of 31.33, a PEG ratio of 4.66 and a beta of 0.86. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the business posted $4.23 EPS. The business's revenue 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. As a group, analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PSA has been the subject of a number of research analyst reports. Barclays decreased their target price on Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Scotiabank lifted their target price on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Bank of America lifted their target price on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. BMO Capital Markets lowered Public Storage from an "outperform" rating to a "market perform" rating and decreased their target price for the company from $340.00 to $325.00 in a research report on Friday, June 20th. Finally, BNP Paribas Exane initiated coverage on Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 target price for the company. Two research 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 MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $335.43.

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.