Greenland Capital Management LP Purchases 4,950 Shares of Public Storage $PSA

Key Points

• Greenland Capital Management increased its Public Storage stake by 300% in the second quarter, purchasing 4,950 shares to bring its total holdings to 6,600 shares valued at approximately $2.1 million. Institutional investors collectively own 78.79% of PSA.
• Public Storage reported quarterly EPS of $4.17, exceeding the $2.53 consensus estimate, while revenue matched expectations at $1.23 billion but declined 0.5% year over year.
• The company declared a quarterly dividend of $3.00 per share, equivalent to $12 annually and a 4.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $327.

Greenland Capital Management LP lifted its holdings in Public Storage (NYSE:PSA - Free Report) by 300.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,600 shares of the real estate investment trust's stock after buying an additional 4,950 shares during the period. Greenland Capital Management LP's holdings in Public Storage were worth $2,101,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bayban purchased a new position in Public Storage in the fourth quarter valued at approximately $26,000. Harvest Fund Management Co. Ltd bought a new position in shares of Public Storage in the third quarter valued at approximately $27,000. Bruce G. Allen Investments LLC grew its position in shares of Public Storage by 89.6% during 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 purchasing an additional 43 shares in the last quarter. Continuum Advisory LLC purchased a new position in Public Storage during the second quarter worth about $29,000. Finally, Wealth Watch Advisors INC purchased a new position in shares of Public Storage during the third quarter worth about $34,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.1%

Public Storage stock opened at $301.83 on Monday. Public Storage has a 12 month low of $256.54 and a 12 month high of $335.55. The stock has a fifty day simple moving average of $320.62 and a two-hundred day simple moving average of $307.86. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. The firm has a market cap of $53.01 billion, a price-to-earnings ratio of 28.80, a PEG ratio of 4.11 and a beta of 0.95.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $1.64. The business had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.23 billion. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. The business's revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.28 EPS. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. Equities analysts predict that Public Storage will post 16.93 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Tuesday, September 15th. Public Storage's dividend payout ratio is 114.50%.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $327.53, for a total transaction of $463,127.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 11.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. BMO Capital Markets increased their target price on Public Storage from $305.00 to $340.00 and gave the company a "market perform" rating in a research note on Monday, June 15th. Evercore set a $316.00 price target on shares of Public Storage in a report on Monday, July 6th. BNP Paribas Exane upped their price target on Public Storage from $331.00 to $335.00 and gave the company an "outperform" rating in a research report on Friday, May 22nd. Royal Bank Of Canada raised their target price on shares of Public Storage from $305.00 to $318.00 and gave the stock a "sector perform" rating in a research report on Friday, July 31st. Finally, Truist Financial raised their target price on Public Storage from $302.00 to $338.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Seven research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $327.00.

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.

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.