Old Port Advisors Has $1.31 Million Stock Holdings in Public Storage $PSA

Key Points

• Old Port Advisors decreased its holdings in Public Storage by 24.8% in the second quarter, retaining 4,452 shares valued at approximately $1.31 million.
• Analysts have mixed views on Public Storage, with ratings ranging from "Strong Buy" to "Hold" and a consensus price target of $322.00.
• The company announced a quarterly dividend of $3.00 per share, resulting in an annualized yield of 4.2%, despite a high dividend payout ratio of 130.86%.

Old Port Advisors decreased its position in shares of Public Storage (NYSE:PSA - Free Report) by 24.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,452 shares of the real estate investment trust's stock after selling 1,469 shares during the quarter. Old Port Advisors' holdings in Public Storage were worth $1,306,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Patton Fund Management Inc. acquired a new position in shares of Public Storage in the 2nd quarter valued at $222,000. Kathmere Capital Management LLC acquired a new position in shares of Public Storage in the 2nd quarter valued at $227,000. Novem Group acquired a new position in shares of Public Storage in the 2nd quarter valued at $821,000. Regatta Capital Group LLC lifted its stake in shares of Public Storage by 77.0% in the 2nd quarter. Regatta Capital Group LLC now owns 6,308 shares of the real estate investment trust's stock valued at $1,851,000 after purchasing an additional 2,744 shares during the period. Finally, TD Private Client Wealth LLC lifted its stake in shares of Public Storage by 12.3% in the 2nd quarter. TD Private Client Wealth LLC now owns 2,131 shares of the real estate investment trust's stock valued at $625,000 after purchasing an additional 233 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of analyst reports. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and cut their price target for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Scotiabank cut their price target on 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. Barclays lowered their price objective on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. UBS Group lowered their price objective on shares of Public Storage from $305.00 to $295.00 and set a "neutral" rating for the company in a research report on Tuesday, September 16th. Finally, BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. 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's stock. Based on data from MarketBeat, Public Storage has an average rating of "Moderate Buy" and an average price target of $322.00.

Public Storage Price Performance

PSA stock opened at $286.59 on Friday. The stock has a 50-day moving average price of $286.47 and a two-hundred day moving average price of $291.78. The stock 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. 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 1 year low of $256.60 and a 1 year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last released its 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 firm had revenue of $1.20 billion during 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 company's revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.