Everstar Asset Management LLC Makes New Investment in Public Storage $PSA

Key Points

• Everstar Asset Management LLC has invested approximately $4.19 million in Public Storage by acquiring 13,995 shares, making it the firm's 21st largest holding.
• Analysts' target prices for Public Storage have been mixed, with Mizuho and Evercore ISI both raising their targets to $309.00, while Barclays reduced theirs to $349.00.
• Public Storage has recently announced a quarterly dividend of $3.00 per share, representing a 4.0% yield, with an ex-dividend date of September 15th.

Everstar Asset Management LLC acquired a new position in Public Storage (NYSE:PSA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,995 shares of the real estate investment trust's stock, valued at approximately $4,189,000. Public Storage accounts for approximately 0.8% of Everstar Asset Management LLC's investment portfolio, making the stock its 21st biggest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Retirement Planning Co of New England Inc. raised its stake in Public Storage by 1.6% in the 1st quarter. Retirement Planning Co of New England Inc. now owns 2,084 shares of the real estate investment trust's stock valued at $624,000 after acquiring an additional 33 shares during the period. Shum Financial Group Inc. raised its stake in Public Storage by 1.7% in the 1st quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock valued at $625,000 after acquiring an additional 35 shares during the period. Meeder Advisory Services Inc. raised its stake in Public Storage by 1.1% in the 1st quarter. Meeder Advisory Services Inc. now owns 3,581 shares of the real estate investment trust's stock valued at $1,072,000 after acquiring an additional 39 shares during the period. Meeder Asset Management Inc. raised its stake in Public Storage by 3.1% in the 1st quarter. Meeder Asset Management Inc. now owns 1,295 shares of the real estate investment trust's stock valued at $388,000 after acquiring an additional 39 shares during the period. Finally, ICW Investment Advisors LLC raised its stake in Public Storage by 1.0% in the 1st quarter. ICW Investment Advisors LLC now owns 3,901 shares of the real estate investment trust's stock valued at $1,168,000 after acquiring an additional 39 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PSA has been the topic of a number of research analyst reports. BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and dropped their price target for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Scotiabank dropped their price target on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 28th. Wall Street Zen cut Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Barclays decreased their price objective on Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Finally, Royal Bank Of Canada dropped their target price on Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and a consensus price target of $331.62.

Public Storage Stock Performance

Shares of PSA traded down $2.21 during midday trading on Friday, reaching $292.71. 690,770 shares of the stock were exchanged, compared to its average volume of 601,191. Public Storage has a twelve month low of $256.60 and a twelve 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 company has a market cap of $51.36 billion, a P/E ratio of 31.92, a PEG ratio of 4.90 and a beta of 0.86. The stock's 50 day simple moving average is $287.40 and its 200 day simple moving average is $293.48.

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

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Public Storage's 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.