Kingswood Wealth Advisors LLC Purchases New Holdings in Public Storage (NYSE:PSA)

Kingswood Wealth Advisors LLC purchased a new stake in Public Storage (NYSE:PSA) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,663 shares of the real estate investment trust’s stock, valued at approximately $507,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PSA. AMI Investment Management Inc. acquired a new stake in shares of Public Storage in the first quarter valued at approximately $267,000. Blair William & Co. IL grew its holdings in Public Storage by 7.3% during the 1st quarter. Blair William & Co. IL now owns 2,668 shares of the real estate investment trust’s stock worth $1,041,000 after acquiring an additional 182 shares during the period. Prudential PLC acquired a new stake in Public Storage during the 1st quarter worth $1,374,000. Sequoia Financial Advisors LLC acquired a new stake in Public Storage during the 1st quarter worth $398,000. Finally, Candriam Luxembourg S.C.A. grew its holdings in Public Storage by 19.0% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 13,506 shares of the real estate investment trust’s stock worth $5,271,000 after acquiring an additional 2,156 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE PSA opened at $288.10 on Thursday. The firm has a market cap of $50.62 billion, a PE ratio of 26.05, a PEG ratio of 3.61 and a beta of 0.54. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 1-year low of $233.18 and a 1-year high of $316.48. The company has a fifty day moving average price of $284.05 and a 200 day moving average price of $275.27.

Public Storage (NYSE:PSA) last announced its 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 company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $4.16 earnings per share. Research analysts predict that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th will be paid a dividend of $3.00 per share. The ex-dividend date is Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.17%. Public Storage’s dividend payout ratio is 108.50%.

Wall Street Analyst Weigh In

A number of analysts have commented on PSA shares. Scotiabank lifted their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Wells Fargo & Company lowered shares of Public Storage from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $270.00 to $280.00 in a report on Tuesday, December 12th. Truist Financial lifted their target price on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. Barclays assumed coverage on shares of Public Storage in a report on Wednesday. They set an “overweight” rating and a $330.00 target price for the company. Finally, BMO Capital Markets lifted their price target 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $300.00.

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.