Concurrent Investment Advisors LLC Acquires 2,595 Shares of Public Storage $PSA

Key Points

• Concurrent Investment Advisors LLC increased its stake in Public Storage by 61.5% in Q2, acquiring an additional 2,595 shares, bringing its total holdings to 6,813 shares valued at approximately $1.999 million.
• Several institutional investors, including Vanguard Group and Wellington Management, have also boosted their stakes in Public Storage, highlighting an overall institutional ownership of 78.79%.
• Current analyst ratings for Public Storage include one Strong Buy, eight Buy, five Hold, and one Sell, with a consensus target price of $324.92.

Concurrent Investment Advisors LLC raised its holdings in Public Storage (NYSE:PSA - Free Report) by 61.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,813 shares of the real estate investment trust's stock after acquiring an additional 2,595 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Public Storage were worth $1,999,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Public Storage by 0.7% in the first 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 acquiring an additional 143,575 shares during the last quarter. Wellington Management Group LLP boosted its stake in Public Storage by 1.0% in the first 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 acquiring an additional 30,775 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Public Storage by 1.2% in the first 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 acquiring an additional 34,718 shares during the last quarter. Northern Trust Corp boosted its stake in Public Storage by 2.8% in the first 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 boosted its stake in Public Storage by 0.6% in the first 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. 78.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PSA has been the topic of several analyst reports. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $340.00 to $325.00 in a report on Friday, June 20th. Royal Bank Of Canada cut their target price on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a report on Friday, August 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $325.00 target price on the stock in a report on Monday. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Public Storage in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus target price of $324.92.

Public Storage Trading Up 0.9%

Shares of NYSE:PSA opened at $302.37 on Wednesday. Public Storage has a 12 month low of $256.60 and a 12 month high of $355.87. 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 company's fifty day simple moving average is $288.40 and its 200 day simple moving average is $291.60. The firm has a market cap of $53.05 billion, a price-to-earnings ratio of 32.97, a PEG ratio of 4.97 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last released 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. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, research analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a $3.00 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 4.0%. Public Storage's dividend payout ratio (DPR) is 130.86%.

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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