Harbour Investments Inc. Buys 351 Shares of Public Storage $PSA

Harbour Investments Inc. boosted its stake in shares of Public Storage (NYSE:PSA) by 18.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,210 shares of the real estate investment trust’s stock after purchasing an additional 351 shares during the quarter. Harbour Investments Inc.’s holdings in Public Storage were worth $649,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Marshall & Sullivan Inc. WA bought a new position in Public Storage during the second quarter worth $25,000. Spectrum Wealth Counsel LLC bought a new position in Public Storage during the first quarter worth $30,000. Wayfinding Financial LLC bought a new position in Public Storage during the first quarter worth $41,000. Rossby Financial LCC bought a new stake in shares of Public Storage in the first quarter valued at about $45,000. Finally, Winch Advisory Services LLC boosted its position in shares of Public Storage by 39.8% in the first quarter. Winch Advisory Services LLC now owns 151 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 43 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Up 0.3%

PSA opened at $307.77 on Monday. Public Storage has a twelve month low of $256.60 and a twelve month high of $355.87. The company has a 50-day simple moving average of $289.77 and a 200 day simple moving average of $291.71. 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 stock has a market capitalization of $54.00 billion, a price-to-earnings ratio of 33.56, a P/E/G ratio of 5.02 and a beta of 0.89.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the prior year, the business posted $4.23 earnings per share. Public Storage’s 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. Analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $12.00 annualized dividend and a yield of 3.9%. Public Storage’s dividend payout ratio is currently 130.86%.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a research report on Friday, September 12th. Evercore ISI boosted their target price on shares of Public Storage from $312.00 to $317.00 and gave the company a “cautious” rating in a research report on Friday, October 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a research report on Wednesday, October 8th. UBS Group reduced their target price 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, Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $325.00 target price for the company in a research report on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $324.92.

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.