Northwestern Mutual Wealth Management Co. Raises Position in Public Storage $PSA

Northwestern Mutual Wealth Management Co. lifted its holdings in Public Storage (NYSE:PSA) by 14.9% in the second quarter, Holdings Channel reports. The firm owned 24,401 shares of the real estate investment trust’s stock after buying an additional 3,159 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Public Storage were worth $7,160,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PSA. Jump Financial LLC acquired a new position in Public Storage during the 1st quarter valued at approximately $1,124,000. Vanguard Group Inc. grew its holdings in shares of Public Storage by 0.7% during the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock valued at $6,206,046,000 after buying an additional 143,575 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Public Storage by 3.0% during the first quarter. The Manufacturers Life Insurance Company now owns 103,972 shares of the real estate investment trust’s stock valued at $31,118,000 after buying an additional 2,990 shares during the last quarter. Meridian Wealth Management LLC increased its position in shares of Public Storage by 181.2% in the 1st quarter. Meridian Wealth Management LLC now owns 3,712 shares of the real estate investment trust’s stock valued at $1,111,000 after acquiring an additional 2,392 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC raised its stake in Public Storage by 29.0% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 339,993 shares of the real estate investment trust’s stock worth $101,757,000 after acquiring an additional 76,444 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PSA has been the subject of a number of research reports. Wall Street Zen raised Public Storage from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. JPMorgan Chase & Co. reduced their price objective on Public Storage from $321.00 to $316.00 and set an “overweight” rating for the company in a research note on Wednesday, November 19th. Barclays dropped their target price on Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. Evercore ISI cut their price target on shares of Public Storage from $315.00 to $309.00 and set an “in-line” rating on the stock in a report on Monday. Finally, Wells Fargo & Company lifted their price objective on shares of Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $324.79.

Public Storage Stock Up 0.8%

Shares of PSA opened at $273.25 on Wednesday. The company has a market capitalization of $47.95 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 4.72 and a beta of 1.01. Public Storage has a 52 week low of $256.60 and a 52 week high of $345.10. The stock’s 50-day moving average price is $285.58 and its 200-day moving average price is $289.21. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share for the quarter, beating the consensus estimate of $4.24 by $0.07. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period last year, the business earned $4.20 earnings per share. Public Storage’s quarterly revenue was down 5.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, sell-side analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Monday, December 15th. Public Storage’s payout ratio is 124.61%.

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.