Public Storage (NYSE:PSA) Shares Purchased by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC increased its stake in Public Storage (NYSE:PSA) by 2.0%, now owning 362,282 shares valued at $108,427,000.
• Public Storage reported earnings of $4.28 EPS for the last quarter, exceeding estimates and indicating a 2.4% year-over-year revenue increase.
• Analysts have mixed views on Public Storage, with a consensus price target of $335.43, while ratings include one sell, six hold, and eight buy recommendations.

HighTower Advisors LLC increased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 2.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 362,282 shares of the real estate investment trust's stock after purchasing an additional 7,107 shares during the period. HighTower Advisors LLC owned approximately 0.21% of Public Storage worth $108,427,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in Public Storage by 12.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock valued at $13,240,000 after acquiring an additional 4,746 shares during the period. Brighton Jones LLC grew its stake in Public Storage by 9.7% in the first quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock valued at $517,000 after acquiring an additional 152 shares during the period. 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 grew its stake in 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 valued at $640,000 after acquiring an additional 1,487 shares during the period. Finally, Summit Trail Advisors LLC grew its stake in 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 valued at $1,083,000 after acquiring an additional 1,093 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Royal Bank Of Canada dropped their target price on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a report on Friday, August 1st. BNP Paribas upgraded Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Mizuho raised their target price on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Barclays dropped their target price 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, BMO Capital Markets lowered Public Storage from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $340.00 to $325.00 in a report on Friday, June 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $331.93.

Public Storage Stock Down 0.7%

Public Storage stock traded down $2.11 during mid-day trading on Thursday, reaching $281.07. 558,745 shares of the company were exchanged, compared to its average volume of 902,136. The business has a fifty day moving average of $289.42 and a 200 day moving average of $294.97. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The firm has a market cap of $49.31 billion, a P/E ratio of 30.65, a PEG ratio of 4.70 and a beta of 0.86. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.23 by $0.05. The business had revenue of $1.20 billion for 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%. The business's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $4.23 earnings per share. Research analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

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.