First Trust Direct Indexing L.P. Has $742,000 Stake in Public Storage (NYSE:PSA)

First Trust Direct Indexing L.P. lifted its stake in shares of Public Storage (NYSE:PSA) by 26.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,434 shares of the real estate investment trust’s stock after acquiring an additional 504 shares during the period. First Trust Direct Indexing L.P.’s holdings in Public Storage were worth $742,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PSA. Private Ocean LLC grew its stake in Public Storage by 5,450.0% in the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 109 shares during the period. Centerpoint Advisors LLC bought a new position in shares of Public Storage in the 4th quarter worth $35,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Public Storage in the 4th quarter valued at $35,000. Aspire Private Capital LLC increased its stake in Public Storage by 44.0% during the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 44 shares in the last quarter. Finally, Rise Advisors LLC raised its holdings in Public Storage by 165.5% during the fourth quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 91 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PSA. Wells Fargo & Company upgraded shares of 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 report on Friday, April 5th. The Goldman Sachs Group boosted their price objective on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Barclays assumed coverage on Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. BMO Capital Markets lifted their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Stock Performance

Shares of Public Storage stock opened at $265.76 on Friday. The business’s fifty day simple moving average is $276.44 and its 200 day simple moving average is $275.92. The firm has a market capitalization of $46.69 billion, a P/E ratio of 24.14, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The company has a current ratio of 0.54, a quick ratio of 0.62 and a debt-to-equity ratio of 1.59.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS 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 36.17% and a net margin of 45.62%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $4.16 earnings per share. As a group, analysts anticipate that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.52%. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

Public Storage 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.