The Manufacturers Life Insurance Company Makes New $31.72 Million Investment in Public Storage $PSA

The Manufacturers Life Insurance Company bought a new position in shares of Public Storage (NYSE:PSA) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 99,644 shares of the real estate investment trust’s stock, valued at approximately $31,718,000.

Other institutional investors also recently modified their holdings of the company. Empowered Funds LLC grew its holdings in Public Storage by 13.3% during the first quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust’s stock valued at $954,000 after purchasing an additional 373 shares during the period. Sivia Capital Partners LLC bought a new stake in Public Storage in the second quarter valued at approximately $929,000. Nebula Research & Development LLC acquired a new stake in Public Storage in the second quarter worth $1,113,000. Treasurer of the State of North Carolina raised its holdings in Public Storage by 1.9% in the second quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust’s stock worth $21,647,000 after purchasing an additional 1,390 shares during the period. Finally, Ieq Capital LLC boosted its position in shares of Public Storage by 219.8% during the second quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust’s stock worth $14,140,000 after purchasing an additional 33,122 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 1.9%

Public Storage stock opened at $311.27 on Friday. The company has a 50 day moving average of $322.43 and a 200-day moving average of $307.43. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 2.06. Public Storage has a twelve month low of $256.54 and a twelve month high of $335.55. The stock has a market capitalization of $54.67 billion, a PE ratio of 29.70, a price-to-earnings-growth ratio of 3.74 and a beta of 0.96.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $4.17 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $1.64. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.23 billion. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. The firm’s quarterly revenue was down .5% on a year-over-year basis. During the same period last year, the business posted $4.28 earnings per share. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. On average, equities research analysts anticipate that Public Storage will post 16.93 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, September 15th. Public Storage’s dividend payout ratio is 114.50%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PSA shares. Scotiabank upped their price objective on shares of Public Storage from $345.00 to $346.00 and gave the company an “outperform” rating in a research report on Tuesday, August 18th. Evercore set a $316.00 price objective on Public Storage in a research note on Monday, July 6th. Royal Bank Of Canada lifted their target price on Public Storage from $305.00 to $318.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. JPMorgan Chase & Co. boosted their target price on Public Storage from $291.00 to $338.00 and gave the company a “neutral” rating in a research note on Thursday, June 11th. Finally, Barclays increased their price target on Public Storage from $349.00 to $350.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 19th. Seven equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. Based on data from MarketBeat, Public Storage has a consensus rating of “Hold” and an average target price of $326.16.

Insider Activity

In other Public Storage news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $327.53, for a total value of $463,127.42. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 11.10% of the stock is owned by corporate insiders.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.