The Manufacturers Life Insurance Company Invests $31.72 Million in Public Storage $PSA

The Manufacturers Life Insurance Company purchased a new position in shares of Public Storage (NYSE:PSA - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 99,644 shares of the real estate investment trust's stock, valued at approximately $31,718,000. The Manufacturers Life Insurance Company owned about 0.06% of Public Storage at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Public Storage in the second quarter worth $5,495,077,000. Norges Bank acquired a new stake in shares of Public Storage in the fourth quarter valued at $1,163,751,000. Capital International Investors raised its holdings in shares of Public Storage by 821.4% in the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust's stock valued at $1,073,032,000 after buying an additional 3,686,211 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Public Storage in the second quarter valued at about $558,904,000. Finally, Deutsche Bank AG acquired a new position in Public Storage during the 2nd quarter worth about $400,776,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $311.27 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. Public Storage has a 1-year low of $256.54 and a 1-year high of $335.55. The stock has a market capitalization of $54.67 billion, a P/E ratio of 29.70, a P/E/G ratio of 3.74 and a beta of 0.96. The business has a 50-day moving average price of $322.43 and a two-hundred day moving average price of $307.43.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $1.64. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter last year, the firm earned $4.28 EPS. The company's revenue for the quarter was down .5% on a year-over-year basis. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. Equities analysts predict that Public Storage will post 16.93 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.9%. The ex-dividend date is Tuesday, September 15th. Public Storage's dividend payout ratio is currently 114.50%.

Analysts Set New Price Targets

A number of equities research analysts have commented on PSA shares. JPMorgan Chase & Co. increased their price objective on shares of Public Storage from $291.00 to $338.00 and gave the stock a "neutral" rating in a report on Thursday, June 11th. Citigroup raised their price target on shares of Public Storage from $325.00 to $363.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Royal Bank Of Canada boosted their price objective on shares of Public Storage from $305.00 to $318.00 and gave the stock a "sector perform" rating in a research report on Friday, July 31st. Raymond James Financial started coverage on Public Storage in a report on Thursday, July 16th. They set a "market perform" rating on the stock. Finally, Truist Financial increased their price objective on Public Storage from $302.00 to $338.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Seven research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Public Storage has an average rating of "Hold" and a consensus target price of $326.16.

Insider Transactions at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $327.53, for a total transaction of $463,127.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.10% of the company's stock.

Public Storage Company Profile

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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