Public Storage $PSA Shares Bought by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel increased its Public Storage stake by 5.8% in the first quarter, buying 6,091 additional shares and bringing its total to 111,899 shares worth about $28.8 million.
• Public Storage reported better-than-expected quarterly earnings of $2.71 per share versus the $2.42 consensus estimate, while revenue came in at $1.22 billion, roughly in line with forecasts.
• The company paid a quarterly dividend of $3.00 per share, equal to a $12.00 annualized payout and a 3.7% yield, though its payout ratio remains high at 123.84%.

Carnegie Investment Counsel increased its stake in Public Storage (NYSE:PSA - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 111,899 shares of the real estate investment trust's stock after acquiring an additional 6,091 shares during the quarter. Carnegie Investment Counsel owned approximately 0.06% of Public Storage worth $28,834,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Bayban purchased a new stake in Public Storage during the 4th quarter worth approximately $26,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Public Storage in the third quarter valued at approximately $27,000. Wealth Watch Advisors INC purchased a new position in shares of Public Storage in the third quarter valued at approximately $34,000. Raiffeisen Bank International AG boosted its stake in shares of Public Storage by 35.2% in the fourth quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 37 shares during the last quarter. Finally, Knuff & Co LLC acquired a new stake in shares of Public Storage in the fourth quarter worth approximately $38,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Price Performance

Shares of PSA stock traded up $1.24 during trading hours on Friday, reaching $320.59. The company had a trading volume of 628,597 shares, compared to its average volume of 872,886. Public Storage has a 12-month low of $256.54 and a 12-month high of $331.79. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market capitalization of $56.28 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 4.31 and a beta of 0.96. The stock has a fifty day moving average of $312.92 and a 200-day moving average of $295.87.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The real estate investment trust reported $2.71 EPS for the quarter, topping analysts' consensus estimates of $2.42 by $0.29. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The firm's revenue was down .1% compared to the same quarter last year. During the same quarter last year, the business posted $4.12 earnings per share. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. On average, equities analysts anticipate that Public Storage will post 16.94 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Monday, June 15th. Public Storage's payout ratio is currently 123.84%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Mizuho increased their price objective on Public Storage from $301.00 to $316.00 and gave the company a "neutral" rating in a research note on Wednesday, May 27th. Truist Financial lifted their target price 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 upped their target price on shares of Public Storage from $342.00 to $345.00 and gave the stock an "outperform" rating in a report on Wednesday. Evercore set a $316.00 target price on shares of Public Storage in a research report on Monday, July 6th. Finally, BMO Capital Markets increased their target price on shares of Public Storage from $305.00 to $340.00 and gave the company a "market perform" rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $325.37.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 950 shares of the business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $324.81, for a total transaction of $308,569.50. Following the transaction, the insider owned 1,414 shares of the company's stock, valued at approximately $459,281.34. The trade was a 40.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 11.10% of the company's stock.

About Public Storage

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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