EdgeRock Capital LLC Buys New Shares in Public Storage (NYSE:PSA)

EdgeRock Capital LLC purchased a new position in shares of Public Storage (NYSE:PSA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 113 shares of the real estate investment trust’s stock, valued at approximately $32,000.

A number of other institutional investors have also recently bought and sold shares of the business. Integrated Wealth Concepts LLC lifted its stake in Public Storage by 16.1% during the third quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock worth $2,567,000 after purchasing an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Public Storage by 8.0% during the third quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after acquiring an additional 9,223 shares during the last quarter. Raymond James & Associates boosted its position in Public Storage by 4.3% during the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after acquiring an additional 4,695 shares during the last quarter. Ellsworth Advisors LLC boosted its position in shares of Public Storage by 615.7% during the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after purchasing an additional 17,036 shares in the last quarter. Finally, 1834 Investment Advisors Co. boosted its position in shares of Public Storage by 115.3% during the 4th quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock worth $5,170,000 after purchasing an additional 9,078 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Down 1.5 %

Shares of NYSE PSA traded down $4.08 during trading on Wednesday, reaching $269.12. The company had a trading volume of 466,452 shares, compared to its average volume of 725,493. The stock has a market cap of $47.28 billion, a PE ratio of 24.44, a P/E/G ratio of 3.49 and a beta of 0.57. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The business’s 50-day moving average is $276.12 and its 200 day moving average is $276.24.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the company earned $4.16 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.46%. Public Storage’s dividend payout ratio is 108.99%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $280.00 to $310.00 in a research report on Friday, April 5th. The Goldman Sachs Group increased their target price on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Barclays initiated coverage on shares of Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price on the stock. BMO Capital Markets upped their price objective on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Company 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.