Isthmus Partners LLC Buys 573 Shares of Public Storage (NYSE:PSA)

Isthmus Partners LLC lifted its stake in Public Storage (NYSE:PSA) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,958 shares of the real estate investment trust’s stock after purchasing an additional 573 shares during the period. Public Storage accounts for 1.6% of Isthmus Partners LLC’s portfolio, making the stock its 23rd largest position. Isthmus Partners LLC’s holdings in Public Storage were worth $12,558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the stock. Norges Bank bought a new position in Public Storage in the 4th quarter valued at $931,286,000. Northern Trust Corp lifted its stake in shares of Public Storage by 43.4% during the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after acquiring an additional 749,913 shares during the period. Cohen & Steers Inc. boosted its holdings in Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock valued at $1,626,731,000 after acquiring an additional 592,944 shares during the last quarter. GAMMA Investing LLC increased its position in Public Storage by 34,827.1% in the first quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust’s stock worth $157,114,000 after purchasing an additional 523,452 shares during the period. Finally, Deutsche Bank AG raised its holdings in Public Storage by 44.6% during the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust’s stock worth $421,538,000 after purchasing an additional 433,918 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PSA shares. Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a research note on Thursday, April 10th. Barclays cut their price objective on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. BNP Paribas raised shares of Public Storage to a “strong-buy” rating in a report on Tuesday, June 24th. Evercore ISI increased their price target on Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a research note on Friday, May 2nd. Finally, Scotiabank raised their price target on Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 12th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $337.64.

Public Storage Price Performance

NYSE PSA opened at $288.81 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market cap of $50.67 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 4.18 and a beta of 0.86. The business has a 50 day simple moving average of $298.17 and a 200 day simple moving average of $296.85. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the firm earned $4.03 earnings per share. The firm’s revenue was up .1% compared to the same quarter last year. Analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date was Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

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.