Bamco Inc. NY Makes New Investment in Public Storage $PSA

Key Points

• Bamco Inc. NY acquired 241,020 shares of Public Storage in the second quarter, worth approximately $76.7 million and representing 0.14% of the REIT. Institutional investors collectively own 78.79% of the company.
• Public Storage reported quarterly EPS of $4.17, beating estimates of $2.53, while revenue reached $1.23 billion, essentially in line with expectations but down 0.5% year over year.
• The company declared a quarterly dividend of $3.00 per share, or $12.00 annualized, implying a 3.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $326.16.

Bamco Inc. NY purchased a new stake in Public Storage (NYSE:PSA - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 241,020 shares of the real estate investment trust's stock, valued at approximately $76,719,000. Bamco Inc. NY owned 0.14% of Public Storage at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Public Storage during the 2nd quarter valued at $5,495,077,000. Norges Bank bought a new position in shares of Public Storage in the fourth quarter worth $1,163,751,000. Capital International Investors increased its holdings in shares of Public Storage by 821.4% during the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust's stock valued at $1,073,032,000 after purchasing an additional 3,686,211 shares during the period. Geode Capital Management LLC increased its holdings in shares of Public Storage by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 4,089,143 shares of the real estate investment trust's stock valued at $1,056,976,000 after purchasing an additional 66,445 shares during the period. Finally, Cohen & Steers Inc. raised its stake in shares of Public Storage by 9.3% during the fourth quarter. Cohen & Steers Inc. now owns 3,993,623 shares of the real estate investment trust's stock valued at $1,036,375,000 after purchasing an additional 339,882 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of NYSE PSA opened at $317.25 on Thursday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 2.06. The stock has a market capitalization of $55.72 billion, a price-to-earnings ratio of 30.27, a PEG ratio of 3.80 and a beta of 0.96. The stock's fifty day simple moving average is $322.57 and its 200 day simple moving average is $307.26. Public Storage has a 52-week low of $256.54 and a 52-week high of $335.55.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 EPS for the quarter, beating the consensus estimate of $2.53 by $1.64. Public Storage had a return on equity of 40.98% and a net margin of 41.80%.The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the business posted $4.28 earnings per share. Public Storage's revenue was down .5% compared to the same quarter last year. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. As a group, sell-side analysts forecast that Public Storage will post 16.93 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 3.8%. Public Storage's dividend payout ratio is currently 114.50%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PSA. Jefferies Financial Group upped their price target on shares of Public Storage from $350.00 to $355.00 and gave the stock a "buy" rating in a research note on Wednesday, May 20th. BNP Paribas Exane raised their price objective on shares of Public Storage from $331.00 to $335.00 and gave the company an "outperform" rating in a research note on Friday, May 22nd. The Goldman Sachs Group reissued a "buy" rating and set a $341.00 target price on shares of Public Storage in a report on Wednesday, April 29th. Truist Financial upped their target price on Public Storage from $302.00 to $338.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. Finally, BMO Capital Markets increased their price target on Public Storage from $305.00 to $340.00 and gave the company a "market perform" rating in a research note on Monday, June 15th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $326.16.

Insider Buying and Selling

In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of the firm's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $327.53, for a total value of $463,127.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 11.10% of the company's stock.

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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