MAI Capital Management Raises Position in Public Storage $PSA

MAI Capital Management raised its holdings in Public Storage (NYSE:PSA) by 3.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,032 shares of the real estate investment trust’s stock after buying an additional 519 shares during the period. MAI Capital Management’s holdings in Public Storage were worth $4,499,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of PSA. Nomura Holdings Inc. raised its stake in shares of Public Storage by 74.3% in the first quarter. Nomura Holdings Inc. now owns 40,933 shares of the real estate investment trust’s stock valued at $12,251,000 after acquiring an additional 17,448 shares in the last quarter. Baird Financial Group Inc. raised its position in Public Storage by 2.4% in the 1st quarter. Baird Financial Group Inc. now owns 20,449 shares of the real estate investment trust’s stock valued at $6,120,000 after purchasing an additional 477 shares in the last quarter. Vident Advisory LLC boosted its stake in shares of Public Storage by 16.5% in the 1st quarter. Vident Advisory LLC now owns 9,121 shares of the real estate investment trust’s stock valued at $2,731,000 after buying an additional 1,294 shares during the period. Evergreen Capital Management LLC boosted its stake in shares of Public Storage by 33.9% in the 1st quarter. Evergreen Capital Management LLC now owns 1,202 shares of the real estate investment trust’s stock valued at $360,000 after buying an additional 304 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Public Storage by 3.0% during the first quarter. The Manufacturers Life Insurance Company now owns 103,972 shares of the real estate investment trust’s stock worth $31,118,000 after buying an additional 2,990 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE:PSA opened at $294.72 on Tuesday. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The firm has a market capitalization of $51.71 billion, a P/E ratio of 32.14, a P/E/G ratio of 4.89 and a beta of 0.86. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The company’s fifty day moving average price is $287.68 and its 200 day moving average price is $294.02.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, topping 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 quarter last year, the company posted $4.23 earnings per share. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, sell-side analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

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

Analyst Upgrades and Downgrades

PSA has been the topic of several analyst reports. Evercore ISI raised their target price on shares of Public Storage from $308.00 to $309.00 and gave the company an “in-line” rating in a report on Monday, August 4th. BMO Capital Markets lowered shares of 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 report on Friday, June 20th. Royal Bank Of Canada lowered their target price on shares of Public Storage from $328.00 to $309.00 and set a “sector perform” rating for the company in a research note on Friday, August 1st. Wells Fargo & Company dropped their target price on Public Storage from $330.00 to $320.00 and set an “overweight” rating on the stock in a report on Wednesday, July 23rd. Finally, Scotiabank cut their price target on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $331.62.

Public Storage 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.