Perpetual Ltd Raises Stock Holdings in Public Storage $PSA

Key Points

• Perpetual Ltd boosted its holdings in Public Storage by 2.5%, owning approximately 0.08% of the company valued at $40 million as of the end of the second quarter.
• Public Storage reported $4.28 earnings per share for its most recent quarter, slightly exceeding analysts' expectations and demonstrating a 2.4% revenue growth year-over-year.
• The company declared a dividend of $3.00 per share, yielding about 4.2% annually, with a payout ratio of 130.86% as of the latest announcement.

Perpetual Ltd grew its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 2.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 136,472 shares of the real estate investment trust's stock after acquiring an additional 3,354 shares during the quarter. Perpetual Ltd owned about 0.08% of Public Storage worth $40,044,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Public Storage by 12.0% during 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 acquiring an additional 4,746 shares during the last quarter. Brighton Jones LLC boosted its position in shares of Public Storage by 9.7% during the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock valued at $517,000 after acquiring an additional 152 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Public Storage by 1.2% during 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 acquiring an additional 3,627 shares during the last quarter. Private Trust Co. NA boosted its position in shares of Public Storage by 228.1% during 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 acquiring an additional 1,487 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its position in shares of Public Storage by 43.3% during 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 acquiring an additional 1,093 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

Wall Street Analyst Weigh In

PSA has been the subject of a number of research analyst reports. UBS Group dropped their price target on Public Storage from $305.00 to $295.00 and set a "neutral" rating for the company in a research report on Tuesday, September 16th. Evercore ISI boosted their target price on Public Storage from $309.00 to $312.00 and gave the stock an "in-line" rating in a research report on Monday, September 15th. Scotiabank dropped their target price on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating for the company in a research report on Thursday, August 28th. Royal Bank Of Canada dropped their target price on Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a research report on Friday, August 1st. Finally, Wells Fargo & Company dropped their target price on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a research report on Wednesday, July 23rd. 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $322.00.

Public Storage Trading Up 0.9%

Shares of PSA traded up $2.60 during mid-day trading on Tuesday, hitting $282.27. 309,379 shares of the company's stock traded hands, compared to its average volume of 801,405. 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 has a 1 year low of $256.60 and a 1 year high of $369.99. The firm has a market capitalization of $49.52 billion, a P/E ratio of 30.77, a PEG ratio of 4.63 and a beta of 0.86. The business's 50-day moving average price is $286.62 and its 200-day moving average price is $292.31.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts' expectations of $1.20 billion. During the same period in the previous year, the firm earned $4.23 earnings per share. The business's revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, sell-side analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Monday, September 15th. Public Storage's dividend payout ratio is presently 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.