Novem Group Invests $821,000 in Public Storage $PSA

Key Points

• Novem Group invested approximately $821,000 in Public Storage (NYSE: PSA) by purchasing 2,799 shares during the 2nd quarter.
• Public Storage's recent quarterly earnings report showed an EPS of $4.28, exceeding analysts' expectations of $4.23, with a projected annual EPS of 16.7 for the current year.
• The company declared a quarterly dividend of $3.00, representing a yield of 4.2%, with a payout ratio of 130.86%.

Novem Group purchased a new position in shares of Public Storage (NYSE:PSA - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,799 shares of the real estate investment trust's stock, valued at approximately $821,000.

Several other hedge funds also recently modified their holdings of PSA. Marshall & Sullivan Inc. WA acquired a new position in shares of Public Storage during the 2nd quarter worth $25,000. Ameriflex Group Inc. acquired a new position in shares of Public Storage during the 4th quarter worth $30,000. Spectrum Wealth Counsel LLC acquired a new position in shares of Public Storage during the 1st quarter worth $30,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage during the 1st quarter worth $36,000. Finally, Wayfinding Financial LLC acquired a new position in Public Storage in the 1st quarter valued at $41,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PSA shares. Royal Bank Of Canada lowered their target price on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research note on Friday, August 1st. Evercore ISI raised their target price on shares of Public Storage from $309.00 to $312.00 and gave the company an "in-line" rating in a research note on Monday, September 15th. JPMorgan Chase & Co. lowered their target price on shares of Public Storage from $324.00 to $321.00 and set an "overweight" rating on the stock in a research note on Friday, September 12th. Scotiabank lowered their target price on shares of Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 28th. Finally, Wall Street Zen lowered shares of Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, Public Storage currently has a consensus rating of "Moderate Buy" and a consensus price target of $322.00.

Public Storage Price Performance

Shares of Public Storage stock opened at $286.59 on Friday. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The firm has a fifty day moving average price of $286.47 and a two-hundred day moving average price of $291.78. The company has a market cap of $50.28 billion, a PE ratio of 31.25, a price-to-earnings-growth ratio of 4.65 and a beta of 0.86.

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 for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the firm earned $4.23 EPS. The business'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. Analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 4.2%. Public Storage's dividend payout ratio is 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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