United Services Automobile Association Purchases New Holdings in Public Storage $PSA

Key Points

• United Services Automobile Association acquired a new stake in Public Storage during the first quarter, purchasing 3,699 shares valued at approximately $1.09 million.
• Public Storage has recently announced a quarterly dividend of $3.00 per share, resulting in an annualized dividend of $12.00 and a yield of 4.1%.
• Analysts have mixed ratings for Public Storage, with an average rating of "Moderate Buy" and an average target price of $331.62 according to MarketBeat.com.

United Services Automobile Association purchased a new stake in Public Storage (NYSE:PSA - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 3,699 shares of the real estate investment trust's stock, valued at approximately $1,089,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cresset Asset Management LLC lifted its position in Public Storage by 200.9% during the 4th quarter. Cresset Asset Management LLC now owns 2,392 shares of the real estate investment trust's stock worth $716,000 after acquiring an additional 1,597 shares during the period. D. E. Shaw & Co. Inc. raised its holdings in Public Storage by 249.6% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 25,105 shares of the real estate investment trust's stock worth $7,517,000 after purchasing an additional 17,923 shares during the period. Focus Partners Wealth increased its stake in Public Storage by 60.0% during the 4th quarter. Focus Partners Wealth now owns 13,971 shares of the real estate investment trust's stock worth $4,614,000 after buying an additional 5,237 shares in the last quarter. Graham Capital Management L.P. purchased a new stake in Public Storage during the 4th quarter worth approximately $1,403,000. Finally, Gotham Asset Management LLC increased its stake in Public Storage by 181.7% during the 4th quarter. Gotham Asset Management LLC now owns 33,433 shares of the real estate investment trust's stock worth $10,011,000 after buying an additional 21,565 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.8%

Shares of Public Storage stock traded down $2.21 during trading on Friday, reaching $292.71. The company had a trading volume of 690,770 shares, compared to its average volume of 601,191. The company has a market cap of $51.36 billion, a price-to-earnings ratio of 31.92, a price-to-earnings-growth ratio of 4.90 and a beta of 0.86. The firm's fifty day moving average is $287.40 and its 200-day moving average is $293.56. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping the consensus estimate of $4.23 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. Public Storage's quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $3.00 per share. The ex-dividend date is Monday, September 15th. This represents a $12.00 annualized dividend and a dividend yield of 4.1%. Public Storage's dividend payout ratio is 130.86%.

Analysts Set New Price Targets

PSA has been the subject of a number of analyst reports. BMO Capital Markets lowered Public Storage from an "outperform" rating to a "market perform" rating and dropped their price target for the company from $340.00 to $325.00 in a research report on Friday, June 20th. BNP Paribas Exane began coverage on Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 target price on the stock. Scotiabank dropped their price objective on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 28th. BNP Paribas raised Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Barclays lowered their price target on Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $331.62.

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.