113 Shares in Public Storage (NYSE:PSA) Acquired by EdgeRock Capital LLC

EdgeRock Capital LLC acquired a new position in Public Storage (NYSE:PSA) in the 4th quarter, Holdings Channel reports. The firm acquired 113 shares of the real estate investment trust’s stock, valued at approximately $32,000.

Several other hedge funds also recently added to or reduced their stakes in PSA. Gryphon Financial Partners LLC lifted its stake in Public Storage by 2.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after purchasing an additional 38 shares in the last quarter. Pacific Capital Wealth Advisors Inc. acquired a new position in Public Storage during the fourth quarter worth $129,000. Patrick M Sweeney & Associates Inc. acquired a new position in Public Storage during the fourth quarter worth $227,000. Charles Schwab Investment Management Inc. lifted its stake in Public Storage by 8.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock worth $794,161,000 after purchasing an additional 216,331 shares in the last quarter. Finally, Apollon Wealth Management LLC lifted its stake in Public Storage by 16.9% during the fourth quarter. Apollon Wealth Management LLC now owns 1,400 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 202 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on PSA. BMO Capital Markets upped their price target on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Scotiabank increased their price objective on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Barclays began coverage on Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Stock Down 1.5 %

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

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.16 earnings per share. On average, research analysts expect that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

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

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 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.