Envestnet Asset Management Inc. Buys 4,312 Shares of Public Storage $PSA

Envestnet Asset Management Inc. lifted its stake in shares of Public Storage (NYSE:PSA) by 2.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 167,974 shares of the real estate investment trust’s stock after acquiring an additional 4,312 shares during the period. Envestnet Asset Management Inc.’s holdings in Public Storage were worth $49,287,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PSA. Private Trust Co. NA boosted its stake in Public Storage by 228.1% during the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust’s stock valued at $640,000 after purchasing an additional 1,487 shares during the period. TCW Group Inc. boosted its position in shares of Public Storage by 5.2% in the first quarter. TCW Group Inc. now owns 13,696 shares of the real estate investment trust’s stock valued at $4,099,000 after acquiring an additional 676 shares during the period. Jump Financial LLC acquired a new stake in shares of Public Storage in the first quarter worth $1,124,000. Vanguard Group Inc. grew its stake in shares of Public Storage by 0.7% in the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock worth $6,206,046,000 after acquiring an additional 143,575 shares during the last quarter. Finally, Capital Advisors Inc. OK bought a new position in Public Storage during the first quarter worth $446,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PSA. Scotiabank reduced their price target on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a report on Thursday, August 28th. Deutsche Bank Aktiengesellschaft upgraded 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 note on Monday, October 13th. Evercore ISI lifted their target price on Public Storage from $312.00 to $317.00 and gave the stock a “cautious” rating in a research report on Friday, October 3rd. JPMorgan Chase & Co. cut their price target on Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a report on Friday, September 12th. Finally, Wells Fargo & Company raised their price objective on Public Storage from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, eight have issued 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $325.54.

Public Storage Price Performance

Shares of PSA stock opened at $278.99 on Friday. Public Storage has a 52 week low of $256.60 and a 52 week high of $355.87. The stock has a market capitalization of $48.95 billion, a PE ratio of 28.97, a PEG ratio of 4.72 and a beta of 0.89. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The stock’s fifty day moving average is $292.66 and its 200-day moving average is $293.04.

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

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.3%. The ex-dividend date is Monday, December 15th. Public Storage’s payout ratio is 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.