Advisor Group Holdings Inc. Increases Position in Public Storage (NYSE:PSA)

Advisor Group Holdings Inc. raised its position in Public Storage (NYSE:PSAGet Rating) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,797 shares of the real estate investment trust’s stock after purchasing an additional 2,125 shares during the quarter. Advisor Group Holdings Inc.’s holdings in Public Storage were worth $13,358,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PSA. EverSource Wealth Advisors LLC purchased a new stake in Public Storage in the fourth quarter valued at approximately $25,000. Mystic Asset Management Inc. purchased a new stake in Public Storage in the fourth quarter valued at approximately $26,000. Lee Financial Co purchased a new stake in Public Storage in the fourth quarter valued at approximately $27,000. Investors Research Corp raised its position in Public Storage by 102.5% in the first quarter. Investors Research Corp now owns 81 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 41 shares during the period. Finally, Stonebridge Capital Advisors LLC grew its stake in shares of Public Storage by 119.0% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 92 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.

Public Storage Stock Performance

Shares of PSA stock opened at $324.42 on Tuesday. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 1.39. The firm has a fifty day moving average price of $316.52 and a 200 day moving average price of $348.17. The company has a market cap of $56.92 billion, a P/E ratio of 31.53, a PEG ratio of 2.97 and a beta of 0.34. Public Storage has a 12 month low of $292.32 and a 12 month high of $421.76.

Public Storage (NYSE:PSAGet Rating) last issued its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 EPS for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.96). Public Storage had a return on equity of 38.01% and a net margin of 54.79%. The firm had revenue of $749.27 million for the quarter, compared to analyst estimates of $985.58 million. During the same quarter in the previous year, the firm posted $2.82 EPS. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. Sell-side analysts predict that Public Storage will post 15.56 earnings per share for the current fiscal year.

Public Storage Increases Dividend

The business also recently disclosed a None dividend, which will be paid on Thursday, August 4th. Shareholders of record on Monday, August 1st will be paid a $13.15 dividend. The ex-dividend date is Friday, July 29th. This is an increase from Public Storage’s previous None dividend of $2.00. Public Storage’s dividend payout ratio is currently 77.75%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PSA shares. BMO Capital Markets upgraded shares of Public Storage from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $410.00 to $370.00 in a research note on Thursday, May 19th. Raymond James dropped their price target on shares of Public Storage from $375.00 to $365.00 in a research note on Monday, May 23rd. Jefferies Financial Group dropped their price target on shares of Public Storage from $465.00 to $369.00 and set a “buy” rating for the company in a research note on Thursday, June 30th. Evercore ISI set a $348.00 price target on shares of Public Storage in a research note on Monday, June 20th. Finally, Morgan Stanley dropped their price target on shares of Public Storage from $357.00 to $298.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 25th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $366.08.

Public Storage Company Profile

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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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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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