Janney Montgomery Scott LLC Acquires 38,946 Shares of Public Storage $PSA

Key Points

• Janney Montgomery Scott LLC increased its holdings in Public Storage by 130.2% during the second quarter, acquiring an additional 38,946 shares and bringing their total to 68,858 shares.
• Public Storage recently declared a quarterly dividend of $3.00, resulting in an annualized dividend yield of 4.1%, and the company has a dividend payout ratio of 130.86%.
• Wall Street analysts have assigned an average rating of "Moderate Buy" for Public Storage, with a consensus target price of $322.54 per share, amidst recent adjustments to their price targets.

Janney Montgomery Scott LLC grew its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 130.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,858 shares of the real estate investment trust's stock after acquiring an additional 38,946 shares during the quarter. Janney Montgomery Scott LLC's holdings in Public Storage were worth $20,204,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PSA. Wealth Enhancement Advisory Services LLC lifted its position in Public Storage by 12.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock worth $13,240,000 after buying an additional 4,746 shares during the last quarter. Brighton Jones LLC lifted its position in Public Storage by 9.7% in the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock worth $517,000 after buying an additional 152 shares during the last quarter. Asset Management One Co. Ltd. lifted its position in Public Storage by 1.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock worth $92,960,000 after buying an additional 3,627 shares during the last quarter. Private Trust Co. NA lifted its position in Public Storage by 228.1% in the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock worth $640,000 after buying an additional 1,487 shares during the last quarter. Finally, Summit Trail Advisors LLC lifted its position in Public Storage by 43.3% in the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock worth $1,083,000 after buying an additional 1,093 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PSA. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. JPMorgan Chase & Co. decreased their price target on Public Storage from $324.00 to $321.00 and set an "overweight" rating on the stock in a research note on Friday, September 12th. BNP Paribas Exane assumed coverage on Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price target on the stock. Evercore ISI lifted their price target on Public Storage from $309.00 to $312.00 and gave the stock an "in-line" rating in a research note on Monday, September 15th. Finally, Barclays decreased their price target on Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $322.54.

Public Storage Price Performance

PSA opened at $289.24 on Friday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. Public Storage has a 52-week low of $256.60 and a 52-week high of $356.16. The stock has a market capitalization of $50.75 billion, a PE ratio of 31.54, a price-to-earnings-growth ratio of 4.82 and a beta of 0.90. The stock's 50 day moving average price is $286.56 and its 200-day moving average price is $291.53.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The business's revenue was up 2.4% compared to the same quarter last year. During the same period 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, equities research analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Monday, September 15th. Public Storage's dividend payout ratio is presently 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.

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