Westwood Holdings Group Inc. grew its stake in shares of Public Storage (NYSE:PSA – Free Report) by 77.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 319,382 shares of the real estate investment trust’s stock after acquiring an additional 138,926 shares during the quarter. Public Storage comprises approximately 0.8% of Westwood Holdings Group Inc.’s investment portfolio, making the stock its 26th largest holding. Westwood Holdings Group Inc. owned about 0.18% of Public Storage worth $93,221,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Tower Research Capital LLC TRC increased its holdings in shares of Public Storage by 17.9% during the first quarter. Tower Research Capital LLC TRC now owns 5,396 shares of the real estate investment trust’s stock valued at $1,630,000 after acquiring an additional 819 shares in the last quarter. Rathbones Group PLC increased its holdings in Public Storage by 101.7% in the 2nd quarter. Rathbones Group PLC now owns 3,267 shares of the real estate investment trust’s stock worth $954,000 after buying an additional 1,647 shares during the period. Northwest Bancshares Inc. increased its holdings in Public Storage by 15.2% in the 2nd quarter. Northwest Bancshares Inc. now owns 17,285 shares of the real estate investment trust’s stock worth $5,045,000 after buying an additional 2,275 shares during the period. Savant Capital LLC increased its holdings in Public Storage by 9.7% in the 2nd quarter. Savant Capital LLC now owns 1,162 shares of the real estate investment trust’s stock worth $339,000 after buying an additional 103 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich increased its holdings in Public Storage by 98,060.3% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 343,561 shares of the real estate investment trust’s stock worth $100,279,000 after buying an additional 343,211 shares during the period. Institutional investors and hedge funds own 78.75% of the company’s stock.
Insider Buying and Selling at Public Storage
In other Public Storage news, Director Avedick Baruyr Poladian sold 5,000 shares of the firm’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $259.35, for a total value of $1,296,750.00. Following the transaction, the director now owns 30,163 shares in the company, valued at approximately $7,822,774.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Public Storage news, Director Avedick Baruyr Poladian sold 5,000 shares of the firm’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $259.35, for a total value of $1,296,750.00. Following the completion of the sale, the director now directly owns 30,163 shares of the company’s stock, valued at approximately $7,822,774.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $245.37, for a total value of $98,148.00. Following the completion of the sale, the insider now directly owns 13,286 shares of the company’s stock, valued at $3,259,985.82. The disclosure for this sale can be found here. 10.90% of the stock is currently owned by insiders.
Analyst Ratings Changes
Several equities analysts recently weighed in on PSA shares. The Goldman Sachs Group started coverage on shares of Public Storage in a report on Wednesday, September 27th. They issued a “buy” rating and a $310.00 price target on the stock. Evercore ISI upped their price objective on Public Storage from $268.00 to $271.00 and gave the stock an “in-line” rating in a research report on Monday. StockNews.com started coverage on Public Storage in a research report on Saturday, October 21st. They issued a “hold” rating on the stock. Truist Financial restated a “buy” rating and issued a $305.00 price objective on shares of Public Storage in a research report on Tuesday, October 31st. Finally, Stifel Nicolaus lowered their price objective on Public Storage from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, September 13th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $295.71.
Public Storage Price Performance
Shares of NYSE:PSA traded down $0.02 during midday trading on Tuesday, reaching $256.60. 400,476 shares of the company’s stock traded hands, compared to its average volume of 940,821. Public Storage has a 1 year low of $233.18 and a 1 year high of $316.48. The company has a market cap of $45.12 billion, a P/E ratio of 23.48, a PEG ratio of 3.56 and a beta of 0.50. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.98 and a current ratio of 0.98. The company has a fifty day simple moving average of $257.21 and a two-hundred day simple moving average of $274.86.
Public Storage (NYSE:PSA – Get Free Report) last announced its earnings results on Monday, October 30th. The real estate investment trust reported $3.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.21 by ($1.01). The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a net margin of 45.46% and a return on equity of 34.76%. The company’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter last year, the business earned $4.13 EPS. Equities analysts predict that Public Storage will post 16.78 EPS for the current fiscal year.
Public Storage Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Wednesday, December 13th will be issued a $3.00 dividend. The ex-dividend date is Tuesday, December 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.68%. Public Storage’s payout ratio is currently 109.99%.
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 September 30, 2023, we had: (i) interests in 3,028 self-storage facilities located in 40 states with approximately 217 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 267 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.