Federated Hermes Inc. Raises Stake in Public Storage (NYSE:PSA)

Federated Hermes Inc. lifted its holdings in Public Storage (NYSE:PSA - Free Report) by 14.7% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 254,819 shares of the real estate investment trust's stock after buying an additional 32,662 shares during the period. Federated Hermes Inc. owned approximately 0.15% of Public Storage worth $73,299,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Gryphon Financial Partners LLC raised its position in Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust's stock worth $476,000 after acquiring an additional 38 shares during the period. Jump Financial LLC purchased a new position in Public Storage in the fourth quarter valued at approximately $1,301,000. Avantax Advisory Services Inc. grew its holdings in Public Storage by 15.6% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,248 shares of the real estate investment trust's stock valued at $1,601,000 after purchasing an additional 710 shares during the period. Janney Montgomery Scott LLC increased its position in Public Storage by 24.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 25,288 shares of the real estate investment trust's stock worth $7,713,000 after buying an additional 4,959 shares during the last quarter. Finally, Foundations Investment Advisors LLC raised its stake in shares of Public Storage by 4.2% in the fourth quarter. Foundations Investment Advisors LLC now owns 1,632 shares of the real estate investment trust's stock valued at $468,000 after buying an additional 66 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

NYSE PSA traded up $3.01 during trading on Friday, reaching $359.16. The company's stock had a trading volume of 548,863 shares, compared to its average volume of 711,647. The firm has a fifty day moving average of $320.20 and a 200 day moving average of $292.92. Public Storage has a one year low of $233.18 and a one year high of $361.23. The stock has a market capitalization of $62.86 billion, a PE ratio of 32.62, a P/E/G ratio of 5.07 and a beta of 0.67. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the company posted $4.28 earnings per share. The firm's revenue for the quarter was down 1.0% on a year-over-year basis. Analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.34%. Public Storage's dividend payout ratio (DPR) is presently 108.99%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PSA shares. Bank of America downgraded Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price target for the company. in a research note on Monday, August 5th. Citigroup lifted their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. Wolfe Research raised shares of Public Storage to a "strong-buy" rating in a research report on Wednesday, September 4th. Royal Bank of Canada started coverage on shares of Public Storage in a report on Tuesday. They issued a "sector perform" rating and a $358.00 price objective for the company. Finally, Truist Financial cut shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and an average price target of $325.15.

Public Storage Profile

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 December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 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 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.