Clare Market Investments LLC Grows Stake in Public Storage $PSA

Key Points

• Clare Market Investments LLC increased its stake in Public Storage by 311.3% during Q2, now holding 4,232 shares valued at approximately $1.24 million.
• Public Storage reported second-quarter earnings of $4.28 EPS, surpassing expectations, with a revenue of $1.20 billion, reflecting a year-over-year growth of 2.4%.
• The firm declared a quarterly dividend of $3.00, which translates into an annual yield of 4.2%, despite a high payout ratio of 130.86%.

Clare Market Investments LLC boosted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 311.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,232 shares of the real estate investment trust's stock after buying an additional 3,203 shares during the period. Clare Market Investments LLC's holdings in Public Storage were worth $1,242,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Public Storage by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock valued at $6,206,046,000 after buying an additional 143,575 shares during the period. Wellington Management Group LLP raised its holdings in Public Storage by 1.0% during the 1st quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust's stock valued at $894,177,000 after buying an additional 30,775 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Public Storage by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust's stock valued at $848,425,000 after buying an additional 34,718 shares during the period. Northern Trust Corp grew its position in Public Storage by 2.8% in the 1st quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust's stock valued at $762,135,000 after acquiring an additional 69,882 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Public Storage by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust's stock valued at $638,805,000 after acquiring an additional 12,204 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Trading Up 0.7%

NYSE:PSA traded up $1.97 on Tuesday, reaching $281.64. The company's stock had a trading volume of 240,222 shares, compared to its average volume of 801,096. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The firm has a market cap of $49.41 billion, a price-to-earnings ratio of 30.71, a price-to-earnings-growth ratio of 4.63 and a beta of 0.86. The stock has a 50 day moving average price of $286.62 and a 200 day moving average price of $292.31.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The company's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, equities analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Monday, September 15th. Public Storage's dividend payout ratio (DPR) is presently 130.86%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. UBS Group cut their price objective on Public Storage from $305.00 to $295.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 16th. JPMorgan Chase & Co. cut their price objective on Public Storage from $324.00 to $321.00 and set an "overweight" rating on the stock in a research report on Friday, September 12th. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. BNP Paribas Exane started coverage on Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price target on the stock. Finally, Mizuho increased their price target on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $322.00.

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.