Naviter Wealth LLC Acquires 902 Shares of Public Storage $PSA

Key Points

• Naviter Wealth LLC has increased its position in Public Storage by 7.9%, acquiring an additional 902 shares, bringing its total holdings to 12,326 shares valued at approximately $3.6 million.
• Several institutional investors have also boosted their stakes in Public Storage, with hedge funds and other institutional investors owning 78.79% of the company's stock.
• Public Storage reported a quarterly earnings per share of $4.28, exceeding estimates, and declared a $3.00 quarterly dividend, reflecting an annualized dividend yield of 4.0%.

Naviter Wealth LLC increased its position in Public Storage (NYSE:PSA - Free Report) by 7.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,326 shares of the real estate investment trust's stock after purchasing an additional 902 shares during the quarter. Naviter Wealth LLC's holdings in Public Storage were worth $3,617,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of 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 valued at $13,240,000 after purchasing an additional 4,746 shares during the period. Brighton Jones LLC lifted its stake in shares of 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 valued at $517,000 after purchasing an additional 152 shares during the period. Asset Management One Co. Ltd. lifted its stake in shares of 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 valued at $92,960,000 after purchasing an additional 3,627 shares during the period. Private Trust Co. NA lifted its stake in shares of 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 valued at $640,000 after purchasing an additional 1,487 shares during the period. Finally, Summit Trail Advisors LLC lifted its stake in shares of 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 valued at $1,083,000 after purchasing an additional 1,093 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PSA. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "hold" rating to a "buy" rating and set a $325.00 target price for the company in a research note on Monday. Scotiabank lowered their target price on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating for the company in a research note on Thursday, August 28th. JPMorgan Chase & Co. lowered their target price 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. Weiss Ratings reiterated a "hold (c)" rating on shares of Public Storage in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada lowered their price objective on Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a research note on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and a consensus price target of $324.92.

Public Storage Stock Up 1.8%

PSA stock opened at $299.69 on Tuesday. Public Storage has a 1-year low of $256.60 and a 1-year high of $355.87. The business has a fifty day moving average price of $288.00 and a 200-day moving average price of $291.52. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The stock has a market capitalization of $52.58 billion, a P/E ratio of 32.68, a P/E/G ratio of 4.88 and a beta of 0.89.

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 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter in the previous year, the business earned $4.23 earnings per share. The company's revenue was up 2.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a $3.00 dividend. The ex-dividend date was Monday, September 15th. This represents a $12.00 annualized dividend and a dividend yield of 4.0%. Public Storage's 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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