Wexford Capital LP Purchases New Holdings in Public Storage (NYSE:PSA)

Wexford Capital LP purchased a new stake in Public Storage (NYSE:PSA – Get Rating) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,166 shares of the real estate investment trust’s stock, valued at approximately $811,000.

Several other institutional investors also recently modified their holdings of the stock. Richwood Investment Advisors LLC acquired a new stake in shares of Public Storage in the fourth quarter valued at approximately $371,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Public Storage in the fourth quarter valued at approximately $26,000. EP Wealth Advisors LLC acquired a new stake in shares of Public Storage in the fourth quarter valued at approximately $393,000. Goldman Sachs Group Inc. increased its holdings in shares of Public Storage by 24.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 916,988 shares of the real estate investment trust’s stock valued at $343,467,000 after purchasing an additional 180,522 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in Public Storage in the fourth quarter valued at approximately $1,331,000. 78.54% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have issued reports on PSA. StockNews.com cut shares of Public Storage from a “buy” rating to a “hold” rating in a research note on Friday, June 10th. Truist Financial reduced their price objective on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating on the stock in a research note on Wednesday, June 1st. BMO Capital Markets raised shares of Public Storage from a “market perform” rating to an “outperform” rating and reduced their price objective for the company from $410.00 to $370.00 in a research note on Thursday, May 19th. Raymond James reduced their price objective on shares of Public Storage from $375.00 to $365.00 in a research note on Monday, May 23rd. Finally, Morgan Stanley reduced their price objective on shares of Public Storage from $357.00 to $298.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 25th. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage has an average rating of “Buy” and an average target price of $372.91.

Shares of NYSE PSA opened at $300.79 on Friday. The stock has a market cap of $52.78 billion, a price-to-earnings ratio of 29.23, a P/E/G ratio of 2.81 and a beta of 0.29. Public Storage has a twelve month low of $290.41 and a twelve month high of $421.76. The company’s fifty day moving average is $348.57 and its 200-day moving average is $357.72. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 1.39.

Public Storage (NYSE:PSA – Get Rating) last announced its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.96). The company had revenue of $749.27 million during the quarter, compared to analyst estimates of $985.58 million. Public Storage had a return on equity of 38.01% and a net margin of 54.79%. Public Storage’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.82 earnings per share. On average, research analysts anticipate that Public Storage will post 15.51 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 15th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Tuesday, June 14th. Public Storage’s payout ratio is presently 77.75%.

Public Storage Profile (Get Rating)

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, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.

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