Public Storage (NYSE:PSA) Shares Acquired by Eastover Investment Advisors LLC

Eastover Investment Advisors LLC grew its holdings in Public Storage (NYSE:PSAFree Report) by 115.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,753 shares of the real estate investment trust’s stock after acquiring an additional 11,669 shares during the period. Public Storage comprises approximately 3.5% of Eastover Investment Advisors LLC’s portfolio, making the stock its 9th largest position. Eastover Investment Advisors LLC’s holdings in Public Storage were worth $6,635,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PSA. Sunbelt Securities Inc. acquired a new position in shares of Public Storage in the first quarter worth $26,000. ICA Group Wealth Management LLC purchased a new stake in shares of Public Storage during the 4th quarter worth $29,000. Live Oak Investment Partners purchased a new stake in shares of Public Storage during the 4th quarter worth $34,000. Centerpoint Advisors LLC purchased a new stake in shares of Public Storage during the 4th quarter worth $35,000. Finally, Avior Wealth Management LLC lifted its position in shares of Public Storage by 49.5% during the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Up 0.7 %

Shares of Public Storage stock opened at $290.06 on Friday. Public Storage has a 52-week low of $233.18 and a 52-week high of $316.48. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The company’s 50-day simple moving average is $283.91 and its 200-day simple moving average is $275.46. The firm has a market cap of $50.96 billion, a price-to-earnings ratio of 26.23, a price-to-earnings-growth ratio of 3.80 and a beta of 0.54.

Public Storage (NYSE:PSAGet Free Report) last issued 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 return on equity of 35.31% and a net margin of 45.34%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm earned $4.16 earnings per share. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Public Storage will post 16.93 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.14%. Public Storage’s payout ratio is currently 108.50%.

Analysts Set New Price Targets

PSA has been the subject of several recent analyst reports. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research report on Thursday. Barclays initiated coverage on shares of Public Storage in a research report on Wednesday. They set an “overweight” rating and a $330.00 price objective for the company. The Goldman Sachs Group boosted their price target on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Scotiabank boosted their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Finally, Wells Fargo & Company cut shares of Public Storage from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $270.00 to $280.00 in a research report on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $302.50.

Get Our Latest Report on PSA

Public Storage Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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