QRG Capital Management Inc. Buys 1,763 Shares of Public Storage $PSA

Key Points

• QRG Capital Management Inc. increased its stake in Public Storage (PSA) by 7.9%, acquiring an additional 1,763 shares, bringing their total holdings to 24,118 shares valued at approximately $7.1 million.
• A number of analysts have revised their price targets for Public Storage, with UBS Group lowering it from $305 to $295, while Wells Fargo reduced theirs from $330 to $320, indicating a mixed outlook for the stock.
• The recent quarterly dividend of $3.00 per share reflects a 4.1% dividend yield, though the company's payout ratio currently stands at a high 130.86%.

QRG Capital Management Inc. increased its stake in shares of Public Storage (NYSE:PSA - Free Report) by 7.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 24,118 shares of the real estate investment trust's stock after buying an additional 1,763 shares during the period. QRG Capital Management Inc.'s holdings in Public Storage were worth $7,077,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Public Storage by 12.0% in the first 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 purchasing an additional 4,746 shares during the last quarter. Brighton Jones LLC grew its holdings in Public Storage by 9.7% in the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock valued at $517,000 after buying an additional 152 shares in the last quarter. Asset Management One Co. Ltd. increased its position in 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 worth $92,960,000 after buying an additional 3,627 shares during the period. Private Trust Co. NA lifted its holdings in shares of Public Storage by 228.1% during the first quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock worth $640,000 after buying an additional 1,487 shares in the last quarter. Finally, Summit Trail Advisors LLC boosted its position in shares of Public Storage by 43.3% in the first 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 period. Institutional investors and hedge funds own 78.79% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. UBS Group lowered their price target on shares of Public Storage from $305.00 to $295.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 16th. Wall Street Zen downgraded shares of Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Scotiabank cut their price target on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating for the company in a research note on Thursday, August 28th. Royal Bank Of Canada lowered their price objective 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. Finally, Wells Fargo & Company dropped their price objective on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $322.92.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $293.74 on Monday. Public Storage has a 1 year low of $256.60 and a 1 year high of $355.87. The stock has a market capitalization of $51.54 billion, a price-to-earnings ratio of 32.03, a price-to-earnings-growth ratio of 4.87 and a beta of 0.89. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The company's 50 day simple moving average is $286.68 and its 200 day simple moving average is $291.43.

Public Storage (NYSE:PSA - Get Free Report) last issued its 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 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 the consensus estimate of $1.20 billion. During the same quarter last year, the business posted $4.23 EPS. The company'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, research analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, September 15th. Public Storage's 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.

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