TD Asset Management Inc Buys 26,461 Shares of Public Storage (NYSE:PSA)

TD Asset Management Inc increased its stake in shares of Public Storage (NYSE:PSA) by 10.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 272,108 shares of the real estate investment trust’s stock after acquiring an additional 26,461 shares during the quarter. TD Asset Management Inc owned approximately 0.15% of Public Storage worth $79,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Gryphon Financial Partners LLC boosted its position in Public Storage by 2.3% during the 1st quarter. Gryphon Financial Partners LLC now owns 1,627 shares of the real estate investment trust’s stock valued at $492,000 after buying an additional 36 shares during the period. Kinneret Advisory LLC boosted its holdings in shares of Public Storage by 2.3% during the first quarter. Kinneret Advisory LLC now owns 1,678 shares of the real estate investment trust’s stock worth $655,000 after purchasing an additional 37 shares during the period. Windham Capital Management LLC grew its stake in shares of Public Storage by 4.6% in the first quarter. Windham Capital Management LLC now owns 856 shares of the real estate investment trust’s stock worth $259,000 after purchasing an additional 38 shares during the last quarter. Resources Investment Advisors LLC. increased its holdings in Public Storage by 3.7% during the 1st quarter. Resources Investment Advisors LLC. now owns 1,066 shares of the real estate investment trust’s stock valued at $322,000 after purchasing an additional 38 shares during the period. Finally, Merit Financial Group LLC raised its position in Public Storage by 1.0% during the 2nd quarter. Merit Financial Group LLC now owns 4,173 shares of the real estate investment trust’s stock valued at $1,218,000 after purchasing an additional 40 shares during the last quarter. 78.75% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Public Storage stock opened at $260.00 on Wednesday. Public Storage has a twelve month low of $233.18 and a twelve month high of $316.48. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $45.72 billion, a P/E ratio of 23.83, a PEG ratio of 2.98 and a beta of 0.50. The stock’s 50 day moving average is $260.06 and its 200 day moving average is $277.15.

Public Storage (NYSE:PSA) last released its earnings results on Monday, October 30th. The real estate investment trust reported $3.20 EPS for the quarter, missing analysts’ consensus estimates of $4.21 by ($1.01). The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a return on equity of 34.76% and a net margin of 45.46%. The company’s revenue was up 5.1% on a year-over-year basis. During the same period in the prior year, the company posted $4.13 earnings per share. On average, equities research analysts predict that Public Storage will post 16.74 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Wednesday, December 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $12.00 annualized dividend and a yield of 4.62%. Public Storage’s dividend payout ratio (DPR) is presently 109.99%.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $245.37, for a total transaction of $98,148.00. Following the completion of the sale, the insider now owns 13,286 shares of the company’s stock, valued at $3,259,985.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 10.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PSA. StockNews.com initiated coverage on Public Storage in a research note on Saturday, October 21st. They set a “hold” rating on the stock. Morgan Stanley assumed coverage on shares of Public Storage in a report on Thursday, September 21st. They issued an “equal weight” rating and a $250.00 price objective for the company. The Goldman Sachs Group assumed coverage on Public Storage in a report on Wednesday, September 27th. They set a “buy” rating and a $310.00 target price on the stock. Stifel Nicolaus lowered their target price on Public Storage from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, September 13th. Finally, Truist Financial restated a “buy” rating and set a $305.00 price target on shares of Public Storage in a research report on Tuesday, October 31st. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $299.83.

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 September 30, 2023, we had: (i) interests in 3,028 self-storage facilities located in 40 states with approximately 217 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 267 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.