Baker Ellis Asset Management LLC Invests $4.73 Million in Public Storage $PSA

Key Points

• Baker Ellis Asset Management LLC invested approximately $4.73 million in Public Storage, acquiring 16,123 shares of the company during the 2nd quarter.
• The firm reported earnings of $4.28 per share for the previous quarter, surpassing analysts' estimates and indicating a 2.4% revenue increase year-over-year.
• Public Storage recently declared a quarterly dividend of $3.00, with a 4.1% yield, despite a dividend payout ratio of 130.86%.

Baker Ellis Asset Management LLC acquired a new position in Public Storage (NYSE:PSA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 16,123 shares of the real estate investment trust's stock, valued at approximately $4,731,000.

Several other institutional investors have also recently made changes to their positions in PSA. Ameriflex Group Inc. bought a new stake in Public Storage during the 4th quarter worth approximately $30,000. Spectrum Wealth Counsel LLC bought a new stake in Public Storage during the 1st quarter worth approximately $30,000. Opal Wealth Advisors LLC bought a new stake in Public Storage during the 1st quarter worth approximately $36,000. Wayfinding Financial LLC bought a new stake in Public Storage during the 1st quarter worth approximately $41,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Public Storage during the 4th quarter worth approximately $43,000. Institutional investors own 78.79% of the company's stock.

Public Storage Trading Down 0.8%

Shares of PSA opened at $292.71 on Monday. 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 has a 1 year low of $256.60 and a 1 year high of $369.99. The company has a 50 day simple moving average of $287.40 and a two-hundred day simple moving average of $293.40. The firm has a market cap of $51.36 billion, a P/E ratio of 31.92, a price-to-earnings-growth ratio of 4.85 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the firm posted $4.23 earnings per share. Public Storage'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. On average, equities analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.1%. Public Storage's dividend payout ratio (DPR) is 130.86%.

Analysts Set New Price Targets

A number of equities research analysts have commented on PSA shares. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. Mizuho raised their target price on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Wall Street Zen cut shares of Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Scotiabank decreased their target price on shares of Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 28th. Finally, Royal Bank Of Canada cut their price objective on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and a consensus price target of $331.62.

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.

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