Connor Clark & Lunn Investment Management Ltd. Invests $1.30 Million in Public Storage $PSA

Key Points

• Connor Clark & Lunn Investment Management purchased 4,088 Public Storage shares worth approximately $1.30 million during the second quarter. Institutional investors collectively own 78.79% of the REIT.
• Public Storage reported quarterly EPS of $4.17, exceeding the $2.53 consensus estimate, while revenue of $1.23 billion was essentially in line with expectations but declined 0.5% year over year.
• The company declared a quarterly dividend of $3.00 per share, equivalent to $12.00 annually and a 3.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $326.16.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of 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 4,088 shares of the real estate investment trust's stock, valued at approximately $1,301,000.

A number of other hedge funds also recently bought and sold shares of PSA. Bruce G. Allen Investments LLC increased its holdings in shares of Public Storage by 89.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 91 shares of the real estate investment trust's stock valued at $29,000 after acquiring an additional 43 shares during the period. Harvest Fund Management Co. Ltd bought a new position in shares of Public Storage in the 3rd quarter worth $27,000. Bayban purchased a new stake in shares of Public Storage during the 4th quarter worth $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Public Storage during the 2nd quarter worth $36,000. Finally, Wealth Watch Advisors INC bought a new stake in Public Storage during the third quarter valued at about $34,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $327.53, for a total value of $463,127.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.10% of the stock is owned by company insiders.

Public Storage Trading Up 0.0%

Shares of NYSE:PSA opened at $313.65 on Monday. The business's 50-day moving average is $322.34 and its 200 day moving average is $307.61. Public Storage has a 1 year low of $256.54 and a 1 year high of $335.55. The firm has a market capitalization of $55.08 billion, a P/E ratio of 29.93, a P/E/G ratio of 3.69 and a beta of 0.96. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.66 and a quick ratio of 0.66.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share for the quarter, topping 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 quarter last year, the company earned $4.28 earnings per share. The company's quarterly revenue was down .5% on a year-over-year basis. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. On average, research analysts predict that Public Storage will post 16.93 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Public Storage's dividend payout ratio (DPR) is presently 114.50%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PSA. Jefferies Financial Group boosted their target price on shares of Public Storage from $350.00 to $355.00 and gave the stock a "buy" rating in a report on Wednesday, May 20th. BMO Capital Markets raised their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a "market perform" rating in a report on Monday, June 15th. BNP Paribas Exane lifted their price objective on shares of Public Storage from $331.00 to $335.00 and gave the stock an "outperform" rating in a research report on Friday, May 22nd. Scotiabank boosted their price objective on shares of Public Storage from $345.00 to $346.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 18th. Finally, Weiss Ratings raised shares of Public Storage from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, June 12th. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target 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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