Pallas Capital Advisors LLC Buys 4,232 Shares of Public Storage $PSA

Key Points

• Pallas Capital Advisors LLC increased its stake in Public Storage by 582.1% during the second quarter, owning 4,959 shares valued at approximately $1.45 million as of the latest SEC filing.
• Public Storage's recent quarterly earnings showed an EPS of $4.28, exceeding expectations, with a net margin of 38.13% and revenue of $1.20 billion during the quarter, reflecting a 2.4% year-over-year increase.
• The company announced a quarterly dividend of $3.00 per share, yielding approximately 4.2% annually, with a payout ratio currently at 130.86%.

Pallas Capital Advisors LLC increased its position in shares of Public Storage (NYSE:PSA - Free Report) by 582.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,959 shares of the real estate investment trust's stock after acquiring an additional 4,232 shares during the period. Pallas Capital Advisors LLC's holdings in Public Storage were worth $1,455,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Nuveen LLC bought a new position in Public Storage during the first quarter valued at about $271,196,000. GAMMA Investing LLC boosted its position in Public Storage by 34,827.1% in the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock valued at $157,114,000 after buying an additional 523,452 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Public Storage by 68.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,164,992 shares of the real estate investment trust's stock valued at $348,670,000 after buying an additional 475,342 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Public Storage in the 4th quarter valued at $99,157,000. Finally, Vanguard Group Inc. raised its holdings in Public Storage by 0.7% in the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock worth $6,206,046,000 after purchasing an additional 143,575 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

Shares of NYSE:PSA traded down $4.76 during trading on Friday, hitting $279.03. 2,155,961 shares of the company were exchanged, compared to its average volume of 684,734. The company has a market capitalization of $48.96 billion, a P/E ratio of 30.43, a price-to-earnings-growth ratio of 4.71 and a beta of 0.86. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The business's 50 day moving average is $286.79 and its 200-day moving average is $292.79. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.Public Storage's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $4.23 earnings per share. 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 year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $3.00 per share. 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 4.3%. Public Storage's dividend payout ratio is 130.86%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Royal Bank Of Canada dropped their price target on 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. Wells Fargo & Company reduced their price target on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. UBS Group reduced their price target on Public Storage from $305.00 to $295.00 and set a "neutral" rating for the company in a report on Tuesday. Barclays reduced their price target on Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Finally, BNP Paribas Exane initiated coverage on Public Storage in a report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and a consensus price target of $322.00.

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.