Jacobi Capital Management LLC Raises Holdings in Public Storage (NYSE:PSA)

Jacobi Capital Management LLC boosted its stake in shares of Public Storage (NYSE:PSAGet Rating) by 2.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,423 shares of the real estate investment trust’s stock after purchasing an additional 31 shares during the quarter. Jacobi Capital Management LLC’s holdings in Public Storage were worth $555,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Public Storage in the 4th quarter valued at about $735,608,000. State Street Corp boosted its position in shares of Public Storage by 6.1% in the 4th quarter. State Street Corp now owns 10,581,880 shares of the real estate investment trust’s stock valued at $3,963,549,000 after purchasing an additional 608,871 shares during the period. BlackRock Inc. boosted its position in shares of Public Storage by 2.7% in the 4th quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock valued at $6,463,290,000 after purchasing an additional 456,793 shares during the period. Northern Trust Corp boosted its position in shares of Public Storage by 18.2% in the 4th quarter. Northern Trust Corp now owns 2,792,588 shares of the real estate investment trust’s stock valued at $1,045,992,000 after purchasing an additional 430,899 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Public Storage by 54.9% in the 1st quarter. Russell Investments Group Ltd. now owns 939,881 shares of the real estate investment trust’s stock valued at $367,331,000 after purchasing an additional 333,170 shares during the period. Hedge funds and other institutional investors own 78.54% of the company’s stock.

Public Storage Price Performance

PSA stock opened at $331.20 on Friday. Public Storage has a 52-week low of $292.32 and a 52-week high of $421.76. The stock’s fifty day simple moving average is $316.49 and its 200-day simple moving average is $347.43. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $58.11 billion, a price-to-earnings ratio of 28.21, a price-to-earnings-growth ratio of 3.01 and a beta of 0.34.

Public Storage (NYSE:PSAGet Rating) last announced its earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.96). Public Storage had a return on equity of 41.12% and a net margin of 56.93%. The business had revenue of $749.27 million for the quarter, compared to analysts’ expectations of $985.58 million. During the same period in the previous year, the firm posted $2.82 earnings per share. The firm’s revenue was up 15.8% compared to the same quarter last year. Equities research analysts expect that Public Storage will post 15.56 EPS for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.42%. Public Storage’s dividend payout ratio is currently 68.14%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PSA. Stifel Nicolaus decreased their price objective on Public Storage from $410.00 to $360.00 in a research report on Tuesday, June 21st. Evercore ISI set a $348.00 price objective on Public Storage in a research report on Monday, June 20th. Citigroup reaffirmed a “buy” rating and set a $367.00 price objective on shares of Public Storage in a research report on Thursday, July 28th. Truist Financial decreased their price objective on Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a research report on Wednesday, June 1st. Finally, The Goldman Sachs Group raised their price target on Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a report on Thursday, April 14th. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $366.08.

Public Storage 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.

See Also

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

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