Confluence Wealth Services Inc. Invests $288,000 in Public Storage $PSA

Key Points

• Confluence Wealth Services Inc. has made a new investment of $288,000 in Public Storage (NYSE:PSA), purchasing 980 shares during the second quarter.
• Public Storage's latest quarterly earnings report indicated an EPS of $4.28, exceeding analysts' expectations, with revenues matching forecasts at $1.20 billion.
• The company recently declared a quarterly dividend of $3.00 per share, resulting in a 4.1% yield for investors.

Confluence Wealth Services Inc. purchased a new stake in Public Storage (NYSE:PSA - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 980 shares of the real estate investment trust's stock, valued at approximately $288,000.

A number of other institutional investors have also recently bought and sold shares of PSA. Wealth Enhancement Advisory Services LLC boosted its position in shares of Public Storage by 12.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock worth $13,240,000 after purchasing an additional 4,746 shares in the last quarter. Brighton Jones LLC lifted its holdings in Public Storage by 9.7% during the first quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock worth $517,000 after acquiring an additional 152 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in Public Storage by 1.2% in the first quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock valued at $92,960,000 after acquiring an additional 3,627 shares during the period. Private Trust Co. NA increased its holdings in shares of Public Storage by 228.1% in the first quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock worth $640,000 after acquiring an additional 1,487 shares in the last quarter. Finally, Summit Trail Advisors LLC increased its holdings in shares of Public Storage by 43.3% in the first quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock worth $1,083,000 after acquiring an additional 1,093 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PSA shares. UBS Group decreased their price objective on Public Storage from $305.00 to $295.00 and set a "neutral" rating for the company in a research report on Tuesday, September 16th. Royal Bank Of Canada reduced their price target 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. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Evercore ISI boosted their price objective on shares of Public Storage from $312.00 to $317.00 and gave the company a "cautious" rating in a research report on Friday. Finally, JPMorgan Chase & Co. reduced their target price on shares of Public Storage from $324.00 to $321.00 and set an "overweight" rating for the company in a research note on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and an average target price of $322.92.

Public Storage Stock Performance

Shares of PSA opened at $290.69 on Tuesday. The stock has a market capitalization of $51.00 billion, a price-to-earnings ratio of 31.70, a PEG ratio of 4.87 and a beta of 0.89. Public Storage has a 12 month low of $256.60 and a 12 month high of $355.87. The firm has a fifty day simple moving average of $286.78 and a 200 day simple moving average of $291.43. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.20 billion. During the same period in the previous year, the firm posted $4.23 EPS. The company's revenue for the quarter was up 2.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Research analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $12.00 annualized dividend and a yield of 4.1%. Public Storage's dividend payout ratio 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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