L & S Advisors Inc Makes New $2.28 Million Investment in Public Storage (NYSE:PSA)

L & S Advisors Inc bought a new position in shares of Public Storage (NYSE:PSA - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 7,937 shares of the real estate investment trust's stock, valued at approximately $2,283,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its stake in shares of Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 44 shares in the last quarter. Core Wealth Advisors Inc. acquired a new stake in shares of Public Storage in the fourth quarter valued at $30,000. OFI Invest Asset Management acquired a new stake in shares of Public Storage in the second quarter valued at $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage in the second quarter valued at about $36,000. Finally, ICA Group Wealth Management LLC bought a new position in Public Storage in the fourth quarter valued at about $37,000. Institutional investors own 78.79% of the company's stock.

Public Storage Price Performance

Shares of NYSE:PSA traded down $5.42 during trading on Tuesday, reaching $357.57. 584,302 shares of the company traded hands, compared to its average volume of 710,343. The company's 50 day moving average is $323.03 and its two-hundred day moving average is $294.19. The firm has a market capitalization of $62.83 billion, a PE ratio of 32.48, a PEG ratio of 5.06 and a beta of 0.67. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 52 week low of $233.18 and a 52 week high of $364.61.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts' consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the company posted $4.28 earnings per share. The business's revenue was down 1.0% compared to the same quarter last year. As a group, sell-side analysts predict that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.36%. Public Storage's dividend payout ratio (DPR) is currently 108.99%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Truist Financial cut 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. Citigroup lifted their target price on Public Storage from $303.00 to $378.00 and gave the company a "buy" rating in a research report on Friday, August 30th. Wells Fargo & Company boosted their price target on Public Storage from $310.00 to $320.00 and gave the stock an "overweight" rating in a research report on Friday, July 26th. Scotiabank boosted their price target on Public Storage from $308.00 to $339.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 22nd. Finally, Barclays boosted their price target on Public Storage from $327.00 to $374.00 and gave the stock an "overweight" rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of "Moderate Buy" and an average target price of $325.85.

Public Storage Company 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.