IRON Financial LLC Takes Position in Public Storage (NYSE:PSA)

IRON Financial LLC bought a new position in shares of Public Storage (NYSE:PSA) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 594 shares of the real estate investment trust’s stock, valued at approximately $216,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Daiwa Securities Group Inc. lifted its holdings in shares of Public Storage by 86.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock worth $187,137,000 after acquiring an additional 299,826 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of Public Storage by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after purchasing an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Public Storage by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after buying an additional 219,391 shares during the period. Vanguard Group Inc. increased its holdings in shares of Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after buying an additional 217,487 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Public Storage by 116.7% in the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after buying an additional 208,546 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the subject of a number of research reports. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research report on Monday, October 14th. Royal Bank of Canada started coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price for the company. Jefferies Financial Group raised their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Barclays raised their target price on shares of Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a research note on Monday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $341.43.

Public Storage Stock Up 0.1 %

Shares of NYSE:PSA traded up $0.25 during trading on Thursday, hitting $336.08. The company’s stock had a trading volume of 426,218 shares, compared to its average volume of 705,210. The company has a market capitalization of $58.82 billion, a PE ratio of 31.49, a PEG ratio of 4.74 and a beta of 0.68. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The stock’s 50-day moving average price is $348.12 and its two-hundred day moving average price is $308.26.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) 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 business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the company earned $4.28 earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, sell-side analysts expect that Public Storage will post 16.73 EPS for the current year.

About Public Storage

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.