Atticus Wealth Management LLC Raises Stock Position in Public Storage $PSA

Atticus Wealth Management LLC raised its stake in Public Storage (NYSE:PSA) by 11.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,274 shares of the real estate investment trust’s stock after buying an additional 134 shares during the period. Atticus Wealth Management LLC’s holdings in Public Storage were worth $374,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PSA. Ameriflex Group Inc. purchased a new position in Public Storage in the fourth quarter valued at about $30,000. Spectrum Wealth Counsel LLC purchased a new position in shares of Public Storage during the 1st quarter worth approximately $30,000. Opal Wealth Advisors LLC purchased a new position in shares of Public Storage during the 1st quarter worth approximately $36,000. Wayfinding Financial LLC purchased a new position in shares of Public Storage during the 1st quarter worth approximately $41,000. Finally, Rossby Financial LCC purchased a new position in shares of Public Storage during the 1st quarter worth approximately $45,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.1%

Shares of PSA opened at $284.64 on Thursday. 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 firm has a market cap of $49.94 billion, a PE ratio of 31.04, a price-to-earnings-growth ratio of 4.73 and a beta of 0.86. The company’s fifty day moving average is $287.08 and its two-hundred day moving average is $293.16. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99.

Public Storage (NYSE:PSA) last posted its 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. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $3.00 per share. The ex-dividend date is Monday, September 15th. This represents a $12.00 annualized dividend and a dividend yield of 4.2%. Public Storage’s payout ratio is presently 130.86%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PSA. Royal Bank Of Canada dropped their price objective 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. JPMorgan Chase & Co. dropped their price objective on shares of Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a research note on Friday, September 12th. BMO Capital Markets cut shares of Public Storage from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. Wall Street Zen cut shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Finally, Mizuho raised their price objective on shares of Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company has an average 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.