Van ECK Associates Corp Has $42.13 Million Holdings in Public Storage $PSA

Van ECK Associates Corp boosted its holdings in Public Storage (NYSE:PSA) by 2.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 132,352 shares of the real estate investment trust’s stock after acquiring an additional 3,264 shares during the quarter. Van ECK Associates Corp owned 0.08% of Public Storage worth $42,129,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Public Storage in the second quarter worth approximately $5,495,077,000. Norges Bank bought a new position in shares of Public Storage in the fourth quarter valued at approximately $1,163,751,000. Capital International Investors boosted its position in shares of Public Storage by 821.4% during the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock valued at $1,073,032,000 after buying an additional 3,686,211 shares during the last quarter. Legal & General Group Plc bought a new stake in Public Storage during the second quarter worth $601,650,000. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Public Storage in the 2nd quarter valued at $558,904,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Up 0.8%

NYSE:PSA opened at $313.65 on Friday. Public Storage has a 1 year low of $256.54 and a 1 year high of $335.55. The stock’s fifty day moving average price is $322.34 and its two-hundred day moving average price is $307.48. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market cap of $55.08 billion, a P/E ratio of 29.93, a P/E/G ratio of 3.69 and a beta of 0.96.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share for the quarter, beating the consensus estimate of $2.53 by $1.64. Public Storage had a return on equity of 40.98% and a net margin of 41.80%.The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the business earned $4.28 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. As a group, analysts expect that Public Storage will post 16.93 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Public Storage’s payout ratio is presently 114.50%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Public Storage from $291.00 to $338.00 and gave the stock a “neutral” rating in a report on Thursday, June 11th. Citigroup increased their target price on shares of Public Storage from $325.00 to $363.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Truist Financial raised their price target on shares of Public Storage from $302.00 to $338.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Evercore set a $316.00 price target on shares of Public Storage in a report on Monday, July 6th. Finally, Jefferies Financial Group boosted their price target on shares of Public Storage from $350.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $326.16.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 1,414 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $327.53, for a total transaction of $463,127.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.10% of the stock is currently owned by corporate insiders.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.