Conning Inc. Buys 52 Shares of Public Storage $PSA

Conning Inc. increased its stake in Public Storage (NYSE:PSA) by 1.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,830 shares of the real estate investment trust’s stock after acquiring an additional 52 shares during the period. Conning Inc.’s holdings in Public Storage were worth $830,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSA. Retirement Planning Co of New England Inc. raised its holdings in Public Storage by 1.6% during the 1st quarter. Retirement Planning Co of New England Inc. now owns 2,084 shares of the real estate investment trust’s stock valued at $624,000 after buying an additional 33 shares during the last quarter. Shum Financial Group Inc. raised its stake in Public Storage by 1.7% in the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust’s stock worth $625,000 after buying an additional 35 shares in the last quarter. Whitener Capital Management Inc. raised its position in shares of Public Storage by 2.3% in the 2nd quarter. Whitener Capital Management Inc. now owns 1,610 shares of the real estate investment trust’s stock worth $472,000 after acquiring an additional 36 shares in the last quarter. Mather Group LLC. raised its holdings in Public Storage by 4.6% in the second quarter. Mather Group LLC. now owns 864 shares of the real estate investment trust’s stock worth $253,000 after purchasing an additional 38 shares in the last quarter. Finally, Meeder Advisory Services Inc. increased its stake in shares of Public Storage by 1.1% in the 1st quarter. Meeder Advisory Services Inc. now owns 3,581 shares of the real estate investment trust’s stock worth $1,072,000 after acquiring an additional 39 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $294.19 on Friday. The stock has a 50 day moving average of $287.61 and a 200 day moving average of $291.49. Public Storage has a 12 month low of $256.60 and a 12 month high of $355.87. The firm has a market cap of $51.62 billion, a PE ratio of 32.08, a PEG ratio of 4.88 and a beta of 0.89. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating analysts’ consensus estimates of $4.23 by $0.05. The firm 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 company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, research analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $3.00 per share. The ex-dividend date was Monday, September 15th. This represents a $12.00 annualized dividend and a yield of 4.1%. Public Storage’s dividend payout ratio (DPR) is 130.86%.

Analysts Set New Price Targets

PSA has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a research report on Friday, September 12th. Wells Fargo & Company cut their target price on shares of Public Storage from $330.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, July 23rd. Scotiabank cut their price objective on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a report on Thursday, August 28th. UBS Group cut their price objective on shares of Public Storage from $305.00 to $295.00 and set a “neutral” rating for the company in a research report on Tuesday, September 16th. Finally, BNP Paribas Exane initiated coverage on Public Storage in a report on Tuesday, June 24th. They set an “outperform” rating and a $331.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $322.92.

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.