Howard Capital Management Inc. Boosts Stock Position in Public Storage $PSA

Howard Capital Management Inc. increased its stake in Public Storage (NYSE:PSA) by 10.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,000 shares of the real estate investment trust’s stock after buying an additional 94 shares during the period. Howard Capital Management Inc.’s holdings in Public Storage were worth $293,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PSA. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Public Storage by 13.0% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 42,472 shares of the real estate investment trust’s stock valued at $12,462,000 after purchasing an additional 4,900 shares during the last quarter. SYM FINANCIAL Corp purchased a new stake in Public Storage during the 2nd quarter valued at $359,000. Teacher Retirement System of Texas boosted its stake in Public Storage by 13.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 52,823 shares of the real estate investment trust’s stock valued at $15,499,000 after purchasing an additional 6,067 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Public Storage by 186.3% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 18,412 shares of the real estate investment trust’s stock valued at $5,402,000 after purchasing an additional 11,980 shares during the last quarter. Finally, Transcend Capital Advisors LLC boosted its stake in Public Storage by 114.4% during the 2nd quarter. Transcend Capital Advisors LLC now owns 2,326 shares of the real estate investment trust’s stock valued at $682,000 after purchasing an additional 1,241 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on PSA. Wells Fargo & Company increased their target price on Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday. Evercore ISI increased their target price on Public Storage from $312.00 to $317.00 and gave the company a “cautious” rating in a research note on Friday, October 3rd. UBS Group cut their target price on Public Storage from $305.00 to $295.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 16th. Barclays lowered their price target on Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Finally, Scotiabank lowered their price target on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $325.69.

Public Storage Price Performance

NYSE PSA opened at $280.62 on Friday. Public Storage has a 1-year low of $256.60 and a 1-year high of $355.87. The business’s fifty day moving average price is $292.95 and its 200-day moving average price is $293.11. The stock has a market capitalization of $49.24 billion, a price-to-earnings ratio of 29.14, a PEG ratio of 4.72 and a beta of 0.89. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period last year, the firm earned $4.20 EPS. Public Storage’s revenue for the quarter was down 5.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, equities analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Monday, December 15th. Public Storage’s dividend payout ratio (DPR) is currently 130.86%.

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.