Wealth Enhancement Advisory Services LLC Acquires 32,979 Shares of Public Storage $PSA

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Public Storage by 74.6%, acquiring an additional 32,979 shares during the second quarter, bringing its total holdings to 77,215 shares valued at approximately $22.88 million.
• Recent analyst reports have resulted in varied price target adjustments for Public Storage, with JPMorgan lowering their target from $324 to $321 while maintaining an "overweight" rating, and Mizuho increasing their target from $287 to $309.
• The company recently announced a **quarterly dividend of $3.00 per share**, which will be paid on September 30, representing an annual yield of **4.3%**.

Wealth Enhancement Advisory Services LLC raised its holdings in Public Storage (NYSE:PSA - Free Report) by 74.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 77,215 shares of the real estate investment trust's stock after acquiring an additional 32,979 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Public Storage were worth $22,880,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Ameriflex Group Inc. bought a new position in shares of Public Storage during the 4th quarter valued at about $30,000. Spectrum Wealth Counsel LLC bought a new position in shares of Public Storage during the 1st quarter valued at about $30,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the 1st quarter valued at about $36,000. Wayfinding Financial LLC bought a new position in shares of Public Storage during the 1st quarter valued at about $41,000. Finally, Rossby Financial LCC bought a new position in shares of Public Storage during the 1st quarter valued at about $45,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Up 0.5%

Shares of NYSE PSA traded up $1.26 during mid-day trading on Monday, hitting $280.26. 1,309,647 shares of the stock traded hands, compared to its average volume of 803,815. 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 52 week low of $256.60 and a 52 week high of $369.99. The company has a market cap of $49.17 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 4.63 and a beta of 0.86. The stock has a fifty day moving average price of $286.79 and a 200-day moving average price of $292.55.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share 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 company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the previous year, the company posted $4.23 earnings per share. The firm's revenue was up 2.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Research 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 $3.00 dividend. The ex-dividend date is Monday, September 15th. This represents a $12.00 annualized dividend and a dividend yield of 4.3%. Public Storage's payout ratio is currently 130.86%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PSA shares. BMO Capital Markets lowered Public Storage from an "outperform" rating to a "market perform" rating and reduced their price objective for the company from $340.00 to $325.00 in a research report on Friday, June 20th. Scotiabank reduced their price objective on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research report on Thursday, August 28th. Barclays reduced their price objective on Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a research report on Friday, August 8th. Mizuho increased their price objective on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. Finally, Wall Street Zen lowered Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $322.00.

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.