NEOS Investment Management LLC Increases Stock Position in Public Storage $PSA

Key Points

• NEOS Investment Management increased its Public Storage stake by 13.7% in the second quarter, bringing its holdings to 58,996 shares valued at approximately $18.8 million. Institutional investors collectively own 78.79% of PSA.
• Analyst sentiment remains mixed, with seven Buy ratings and 14 Holds; the average price target is $327. Public Storage shares opened at $301.83, down 1.3%, while the company reported quarterly EPS of $4.17, exceeding estimates.
• Public Storage declared a quarterly dividend of $3.00 per share, equivalent to $12 annually and a 4.0% yield, payable October 6 to shareholders of record on September 15.

NEOS Investment Management LLC raised its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 13.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 58,996 shares of the real estate investment trust's stock after purchasing an additional 7,089 shares during the period. NEOS Investment Management LLC's holdings in Public Storage were worth $18,779,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Public Storage during the second quarter valued at $5,495,077,000. Norges Bank bought a new stake in Public Storage in the 4th quarter worth about $1,163,751,000. Capital International Investors raised its position in Public Storage by 821.4% in the 4th quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust's stock worth $1,073,032,000 after buying an additional 3,686,211 shares during the last quarter. Geode Capital Management LLC raised its position in Public Storage by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,089,143 shares of the real estate investment trust's stock worth $1,056,976,000 after buying an additional 66,445 shares during the last quarter. Finally, Cohen & Steers Inc. lifted its stake in Public Storage by 9.3% during the 4th quarter. Cohen & Steers Inc. now owns 3,993,623 shares of the real estate investment trust's stock valued at $1,036,375,000 after acquiring an additional 339,882 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PSA shares. Truist Financial lifted their price target on shares of Public Storage from $302.00 to $338.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Scotiabank dropped their target price on shares of Public Storage from $346.00 to $343.00 and set a "sector outperform" rating on the stock in a report on Wednesday. Citigroup boosted their target price on shares of Public Storage from $325.00 to $363.00 and gave the company a "buy" rating in a research note on Tuesday, June 16th. Evercore set a $316.00 price objective on shares of Public Storage in a research note on Monday, July 6th. Finally, Mizuho lifted their target price on Public Storage from $316.00 to $319.00 and gave the company a "neutral" rating in a research report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $327.00.

Insider Buying and Selling

In other Public Storage 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 value of $463,127.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.10% of the stock is owned by company insiders.

Public Storage Stock Down 1.3%

Shares of PSA stock opened at $301.83 on Friday. The company's fifty day simple moving average is $320.62 and its two-hundred day simple moving average is $307.81. Public Storage has a 52 week low of $256.54 and a 52 week high of $335.55. The stock has a market cap of $53.01 billion, a P/E ratio of 28.80, a PEG ratio of 4.16 and a beta of 0.95. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 2.06.

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

Public Storage Dividend Announcement

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

Public Storage Company Profile

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.

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