Maverick Capital Ltd. Takes Position in Public Storage $PSA

Maverick Capital Ltd. bought a new position in shares of Public Storage (NYSE:PSA) during the second quarter, Holdings Channel.com reports. The fund bought 10,044 shares of the real estate investment trust’s stock, valued at approximately $2,947,000.

Several other large investors have also recently bought and sold shares of PSA. Jump Financial LLC acquired a new stake in shares of Public Storage during the 1st quarter worth about $1,124,000. The Manufacturers Life Insurance Company boosted its position in Public Storage by 3.0% in 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 in the last quarter. Clear Creek Financial Management LLC bought a new stake in Public Storage during the second quarter worth about $342,000. Cbre Investment Management Listed Real Assets LLC increased its holdings in shares of Public Storage by 29.0% during the first 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 buying an additional 76,444 shares in the last quarter. Finally, Diversified Trust Co acquired a new stake in shares of Public Storage during the second quarter worth approximately $418,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Up 2.3%

Shares of PSA opened at $273.68 on Friday. The business’s fifty day moving average price is $283.52 and its two-hundred day moving average price is $287.94. The firm has a market capitalization of $48.02 billion, a price-to-earnings ratio of 28.42, a PEG ratio of 5.73 and a beta of 1.01. Public Storage has a 52 week low of $256.60 and a 52 week high of $326.70. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.45 and a current ratio of 0.45.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.24 by $0.07. Public Storage had a return on equity of 36.09% and a net margin of 39.53%.The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the firm posted $4.20 earnings per share. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on PSA. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a report on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Raymond James Financial reduced their price objective on Public Storage from $350.00 to $330.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, November 18th. JPMorgan Chase & Co. lowered their target price 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. Finally, Wall Street Zen raised Public Storage from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $320.87.

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.