MAI Capital Management Purchases 365 Shares of Public Storage $PSA

MAI Capital Management lifted its position in shares of Public Storage (NYSE:PSA) by 2.4% in the second quarter, HoldingsChannel reports. The fund owned 15,397 shares of the real estate investment trust’s stock after buying an additional 365 shares during the period. MAI Capital Management’s holdings in Public Storage were worth $4,518,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PSA. JPMorgan Chase & Co. increased its position in Public Storage by 3.4% in the second quarter. JPMorgan Chase & Co. now owns 3,157,067 shares of the real estate investment trust’s stock worth $926,357,000 after purchasing an additional 103,965 shares during the period. DNB Asset Management AS lifted its position in Public Storage by 6.1% during the 2nd quarter. DNB Asset Management AS now owns 30,263 shares of the real estate investment trust’s stock valued at $8,880,000 after purchasing an additional 1,731 shares during the period. Magnetar Financial LLC bought a new position in shares of Public Storage in the 2nd quarter valued at about $9,220,000. Swiss National Bank grew its position in shares of Public Storage by 7.5% during the 2nd quarter. Swiss National Bank now owns 477,900 shares of the real estate investment trust’s stock worth $140,225,000 after buying an additional 33,200 shares during the period. Finally, Personal CFO Solutions LLC grew its position in shares of Public Storage by 6.3% during the 2nd quarter. Personal CFO Solutions LLC now owns 809 shares of the real estate investment trust’s stock worth $237,000 after buying an additional 48 shares during the period. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PSA shares. Scotiabank cut their price objective on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 28th. JPMorgan Chase & Co. dropped their target price on shares of Public Storage from $321.00 to $316.00 and set an “overweight” rating for the company in a research report on Wednesday. Raymond James Financial reduced their price target on Public Storage from $350.00 to $330.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, November 18th. 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 research note on Monday, October 13th. Finally, Wall Street Zen raised Public Storage from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $325.21.

Public Storage Trading Up 1.6%

PSA opened at $269.77 on Friday. The firm’s fifty day simple moving average is $287.01 and its 200 day simple moving average is $290.78. The stock has a market capitalization of $47.33 billion, a P/E ratio of 28.01, a P/E/G ratio of 4.72 and a beta of 0.91. 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 has a 12 month low of $256.60 and a 12 month high of $355.87.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, beating 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%.Public Storage’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $4.20 EPS. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. As a group, research analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a $3.00 dividend. The ex-dividend date is Monday, December 15th. This represents a $12.00 annualized dividend and a yield of 4.4%. Public Storage’s payout ratio is presently 124.61%.

Public Storage Company 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.