Transcend Capital Advisors LLC Increases Position in Public Storage $PSA

Transcend Capital Advisors LLC lifted its holdings in shares of Public Storage (NYSE:PSA) by 114.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,326 shares of the real estate investment trust’s stock after acquiring an additional 1,241 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Public Storage were worth $682,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of PSA. Marshall & Sullivan Inc. WA purchased a new stake in shares of Public Storage during the second quarter worth about $25,000. Harbor Asset Planning Inc. bought a new stake in Public Storage in the second quarter valued at about $25,000. Spectrum Wealth Counsel LLC bought a new stake in Public Storage in the first quarter valued at about $30,000. Wayfinding Financial LLC bought a new stake in Public Storage in the first quarter valued at about $41,000. Finally, Rossby Financial LCC bought a new stake in Public Storage in the first quarter valued at about $45,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 0.9%

NYSE:PSA opened at $297.63 on Wednesday. The firm has a market capitalization of $52.22 billion, a PE ratio of 32.46, a price-to-earnings-growth ratio of 4.90 and a beta of 0.89. The stock has a 50 day moving average of $293.01 and a 200-day moving average of $293.13. Public Storage has a 52 week low of $256.60 and a 52 week high of $355.87. 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 the consensus estimate of $4.23 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The business’s 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 earnings per share. Analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders 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 dividend yield of 4.0%. Public Storage’s payout ratio is currently 130.86%.

Analysts Set New Price Targets

Several brokerages recently weighed in on PSA. Barclays lowered their price objective on Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Royal Bank Of Canada lowered their price objective on Public Storage from $328.00 to $309.00 and set a “sector perform” rating for the company in a report on Friday, August 1st. Deutsche Bank Aktiengesellschaft raised Public Storage from a “hold” rating to a “buy” rating and set a $325.00 price objective for the company in a report on Monday, October 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a report on Wednesday, October 8th. Finally, Scotiabank lowered 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. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $325.69.

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.