Public Storage (NYSE:PSA) Shares Bought by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC lifted its position in shares of Public Storage (NYSE:PSA) by 382.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,675 shares of the real estate investment trust’s stock after buying an additional 4,498 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Public Storage were worth $1,731,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PSA. Turtle Creek Wealth Advisors LLC purchased a new position in Public Storage during the 4th quarter valued at about $35,000. Dearborn Partners LLC grew its position in shares of Public Storage by 3.4% in the fourth quarter. Dearborn Partners LLC now owns 2,474 shares of the real estate investment trust’s stock valued at $755,000 after purchasing an additional 81 shares during the last quarter. Pinnacle Bancorp Inc. raised its position in shares of Public Storage by 37.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 420 shares of the real estate investment trust’s stock worth $128,000 after purchasing an additional 115 shares during the last quarter. JLP Asset Management LLC lifted its stake in Public Storage by 5.6% in the 4th quarter. JLP Asset Management LLC now owns 20,744 shares of the real estate investment trust’s stock valued at $6,327,000 after buying an additional 1,100 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Public Storage during the 4th quarter valued at $3,112,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Down 1.1 %

Shares of PSA opened at $272.26 on Friday. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. Public Storage has a one year low of $233.18 and a one year high of $312.80. The stock has a 50-day moving average price of $282.62 and a 200 day moving average price of $276.40. The company has a market capitalization of $47.83 billion, a P/E ratio of 24.62, a P/E/G ratio of 3.61 and a beta of 0.54.

Public Storage (NYSE:PSA) 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). The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm posted $4.16 EPS. Sell-side analysts forecast that Public Storage will post 16.93 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date was Tuesday, March 12th. Public Storage’s dividend payout ratio is presently 108.50%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. BMO Capital Markets boosted their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Barclays began coverage on shares of Public Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price for the company. Finally, Scotiabank boosted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.