Trust Point Inc. Takes Position in Public Storage (NYSE:PSA)

Trust Point Inc. acquired a new stake in shares of Public Storage (NYSE:PSA) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 616 shares of the real estate investment trust’s stock, valued at approximately $224,000.

Several other hedge funds have also recently made changes to their positions in PSA. OFI Invest Asset Management purchased a new stake in Public Storage during the 2nd quarter valued at $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage in the second quarter worth $36,000. Riverview Trust Co purchased a new stake in Public Storage during the first quarter valued at $37,000. Crewe Advisors LLC bought a new position in Public Storage in the first quarter valued at about $39,000. Finally, EdgeRock Capital LLC purchased a new position in Public Storage in the second quarter worth about $39,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Citigroup increased their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Barclays raised their target price on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Morgan Stanley boosted their price target on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Scotiabank boosted their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Finally, Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $337.00.

Public Storage Trading Up 0.1 %

Shares of PSA stock opened at $345.62 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $60.73 billion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99. The stock’s 50-day moving average price is $345.72 and its 200-day moving average price is $305.21.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the company earned $4.28 earnings per share. The firm’s revenue was down 1.0% on a year-over-year basis. Equities research analysts predict that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s payout ratio is 108.99%.

About Public Storage

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.