Bank of Nova Scotia Takes Position in Public Storage $PSA

Bank of Nova Scotia acquired a new stake in Public Storage (NYSE:PSA - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 30,621 shares of the real estate investment trust's stock, valued at approximately $9,747,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PSA. Bruce G. Allen Investments LLC increased its position in shares of Public Storage by 89.6% during the second quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 43 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Public Storage during the third quarter worth approximately $27,000. Bayban purchased a new stake in Public Storage in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new position in shares of Public Storage in the 2nd quarter valued at $36,000. Finally, Wealth Watch Advisors INC purchased a new stake in Public Storage in the 3rd quarter valued at $34,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of Public Storage stock opened at $324.95 on Tuesday. The business's fifty day moving average price is $322.42 and its 200 day moving average price is $306.78. Public Storage has a twelve month low of $256.54 and a twelve month high of $335.55. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. The stock has a market capitalization of $57.07 billion, a P/E ratio of 31.01, a PEG ratio of 3.80 and a beta of 0.96.

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

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Public Storage's payout ratio is presently 114.50%.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $327.53, for a total value of $463,127.42. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 11.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Barclays boosted their price target on Public Storage from $349.00 to $350.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 19th. BMO Capital Markets boosted their target price on Public Storage from $305.00 to $340.00 and gave the company a "market perform" rating in a report on Monday, June 15th. Royal Bank Of Canada upped their price objective on shares of Public Storage from $305.00 to $318.00 and gave the stock a "sector perform" rating in a research report on Friday, July 31st. Truist Financial raised their target price on shares of Public Storage from $302.00 to $338.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Finally, UBS Group lifted their target price on shares of Public Storage from $314.00 to $326.00 and gave the company a "neutral" rating in a report on Friday, July 10th. Seven investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $326.16.

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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