InTrack Investment Management Inc Makes New $610,000 Investment in Public Storage $PSA

Key Points

• InTrack Investment Management Inc made a new investment of approximately $610,000 in Public Storage (NYSE:PSA) by purchasing 2,078 shares in the second quarter.
• Analysts have mixed ratings for Public Storage, with one Strong Buy, seven Buy, six Hold, and one Sell rating, reflecting a consensus Moderate Buy rating with a target price of $322.92.
• Public Storage recently declared a quarterly dividend of $3.00 per share, translating to an annualized dividend of $12.00 with a yield of 4.1%.

InTrack Investment Management Inc bought a new position in Public Storage (NYSE:PSA - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 2,078 shares of the real estate investment trust's stock, valued at approximately $610,000.

Several other large investors have also recently made changes to their positions in PSA. Wedmont Private Capital lifted its stake in shares of Public Storage by 20.9% during the 1st quarter. Wedmont Private Capital now owns 874 shares of the real estate investment trust's stock worth $245,000 after purchasing an additional 151 shares during the last quarter. Miracle Mile Advisors LLC purchased a new stake in shares of Public Storage during the 1st quarter worth $280,000. Park Avenue Securities LLC lifted its stake in shares of Public Storage by 18.9% during the 1st quarter. Park Avenue Securities LLC now owns 3,725 shares of the real estate investment trust's stock worth $1,115,000 after purchasing an additional 592 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Public Storage by 28.6% during the 1st quarter. Farther Finance Advisors LLC now owns 2,246 shares of the real estate investment trust's stock worth $671,000 after purchasing an additional 499 shares during the last quarter. Finally, Signet Financial Management LLC lifted its stake in shares of Public Storage by 7.1% during the 1st quarter. Signet Financial Management LLC now owns 1,829 shares of the real estate investment trust's stock worth $547,000 after purchasing an additional 122 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their price objective on Public Storage from $324.00 to $321.00 and set an "overweight" rating for the company in a research note on Friday, September 12th. BNP Paribas upgraded Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. Wells Fargo & Company reduced their target price on Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. Evercore ISI upped their target price on Public Storage from $312.00 to $317.00 and gave the company a "cautious" rating in a research report on Friday, October 3rd. Finally, BNP Paribas Exane began coverage on Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 target price on the stock. 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 assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $322.92.

Public Storage Stock Performance

Shares of PSA stock opened at $293.39 on Thursday. The company has a market capitalization of $51.48 billion, a P/E ratio of 31.99, a P/E/G ratio of 4.87 and a beta of 0.89. The business's 50 day moving average is $286.88 and its two-hundred day moving average is $291.46. 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 has a 12-month low of $256.60 and a 12-month high of $355.87.

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 company 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%.Public Storage's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $3.00 per share. The ex-dividend date was Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 4.1%. Public Storage's dividend payout ratio is currently 130.86%.

Public Storage 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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