Longfellow Investment Management Co. LLC Purchases 642 Shares of Public Storage (NYSE:PSA)

Longfellow Investment Management Co. LLC increased its position in shares of Public Storage (NYSE:PSA) by 59.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,715 shares of the real estate investment trust’s stock after purchasing an additional 642 shares during the period. Longfellow Investment Management Co. LLC’s holdings in Public Storage were worth $513,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its position in shares of Public Storage by 12.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust’s stock valued at $13,240,000 after purchasing an additional 4,746 shares during the period. Brighton Jones LLC increased its position in shares of Public Storage by 9.7% during the first quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust’s stock valued at $517,000 after purchasing an additional 152 shares during the period. Asset Management One Co. Ltd. increased its position in shares of Public Storage by 1.2% during the first quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust’s stock valued at $92,960,000 after purchasing an additional 3,627 shares during the period. Private Trust Co. NA increased its position in shares of Public Storage by 228.1% during the first quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust’s stock valued at $640,000 after purchasing an additional 1,487 shares during the period. Finally, Summit Trail Advisors LLC increased its position in shares of Public Storage by 43.3% during the first quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust’s stock valued at $1,083,000 after purchasing an additional 1,093 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on PSA shares. BNP Paribas raised Public Storage to a “strong-buy” rating in a research note on Tuesday, June 24th. Scotiabank boosted their price target on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research note on Monday, May 12th. Mizuho boosted their price target on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. BNP Paribas Exane started coverage on Public Storage in a research note on Tuesday, June 24th. They issued an “outperform” rating and a $331.00 price target on the stock. Finally, Evercore ISI boosted their price target on Public Storage from $308.00 to $309.00 and gave the company an “in-line” rating in a research note on Monday, August 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $335.43.

Public Storage Trading Down 0.7%

PSA stock opened at $281.88 on Monday. The company has a market cap of $49.46 billion, a P/E ratio of 30.74, a PEG ratio of 4.11 and a beta of 0.86. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The business has a fifty day moving average of $291.28 and a 200-day moving average of $295.36.

Public Storage (NYSE:PSA) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.23 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.23 earnings per share. As a group, equities research analysts expect that Public Storage will post 16.7 EPS for the current year.

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.