Beck Bode LLC Takes Position in Public Storage $PSA

Beck Bode LLC purchased a new stake in Public Storage (NYSE:PSA) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 20,233 shares of the real estate investment trust’s stock, valued at approximately $5,937,000.

Other large investors also recently added to or reduced their stakes in the company. M&G PLC lifted its stake in shares of Public Storage by 11.1% in the 2nd quarter. M&G PLC now owns 729 shares of the real estate investment trust’s stock valued at $214,000 after purchasing an additional 73 shares during the last quarter. Forsta AP Fonden increased its position in shares of Public Storage by 0.6% during the 2nd quarter. Forsta AP Fonden now owns 31,000 shares of the real estate investment trust’s stock valued at $9,096,000 after purchasing an additional 200 shares during the last quarter. Pembroke Management LTD purchased a new stake in Public Storage during the 2nd quarter valued at $272,000. Laffer Tengler Investments Inc. bought a new stake in Public Storage in the second quarter worth $236,000. Finally, Allworth Financial LP lifted its position in Public Storage by 57.9% in the second quarter. Allworth Financial LP now owns 11,294 shares of the real estate investment trust’s stock worth $3,314,000 after buying an additional 4,143 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Up 1.9%

Shares of NYSE:PSA opened at $277.85 on Wednesday. The business’s 50 day moving average is $290.55 and its 200 day moving average is $292.25. The stock has a market cap of $48.75 billion, a P/E ratio of 28.85, a price-to-earnings-growth ratio of 4.72 and a beta of 0.91. Public Storage has a 52-week low of $256.60 and a 52-week high of $355.87. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.07. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the prior year, the business earned $4.20 EPS. The business’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. Sell-side analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.3%. The ex-dividend date is Monday, December 15th. Public Storage’s dividend payout ratio is presently 124.61%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Barclays cut their price objective on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. Wells Fargo & Company increased their price objective on shares of Public Storage from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Scotiabank dropped their target price on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 28th. Wall Street Zen upgraded Public Storage from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Public Storage in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $325.38.

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.