Public Storage (NYSE:PSA) Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC lessened its stake in Public Storage (NYSE:PSA) by 6.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,396 shares of the real estate investment trust’s stock after selling 158 shares during the quarter. NewEdge Wealth LLC’s holdings in Public Storage were worth $731,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Valeo Financial Advisors LLC acquired a new stake in shares of Public Storage in the 4th quarter valued at about $202,000. Cerity Partners LLC raised its stake in Public Storage by 2.4% during the fourth quarter. Cerity Partners LLC now owns 21,667 shares of the real estate investment trust’s stock worth $6,608,000 after acquiring an additional 506 shares during the period. Franklin Parlapiano Turner & Welch LLC raised its stake in Public Storage by 5.5% during the fourth quarter. Franklin Parlapiano Turner & Welch LLC now owns 25,737 shares of the real estate investment trust’s stock worth $7,850,000 after acquiring an additional 1,341 shares during the period. Custom Index Systems LLC acquired a new stake in Public Storage during the fourth quarter worth about $257,000. Finally, Stiles Financial Services Inc raised its stake in Public Storage by 45.3% during the fourth quarter. Stiles Financial Services Inc now owns 7,497 shares of the real estate investment trust’s stock worth $2,286,000 after acquiring an additional 2,336 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

PSA has been the topic of several research reports. Barclays initiated coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price objective on the stock. The Goldman Sachs Group increased their price objective on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective on the stock. Truist Financial raised their price target on shares of Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, December 28th. Finally, BMO Capital Markets raised their price target 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Trading Down 1.3 %

Shares of NYSE:PSA opened at $262.22 on Wednesday. The stock has a market capitalization of $46.07 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 3.49 and a beta of 0.54. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. The company has a 50 day moving average price of $282.12 and a 200 day moving average price of $276.57.

Public Storage (NYSE:PSA) last issued 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 business had revenue of $1.16 billion for 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 company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.16 earnings per share. On average, research analysts anticipate that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 4.58%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

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.