NBC Securities Inc. Takes $135,000 Position in Public Storage (NYSE:PSA)

NBC Securities Inc. purchased a new stake in shares of Public Storage (NYSE:PSA) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 452 shares of the real estate investment trust’s stock, valued at approximately $135,000.

A number of other large investors also recently modified their holdings of PSA. Quent Capital LLC increased its holdings in shares of Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Ameriflex Group Inc. acquired a new position in shares of Public Storage during the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage during the fourth quarter valued at $32,000. Millstone Evans Group LLC acquired a new position in shares of Public Storage during the fourth quarter valued at $38,000. Finally, Parvin Asset Management LLC acquired a new position in shares of Public Storage during the fourth quarter valued at $38,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PSA has been the topic of a number of research analyst reports. Scotiabank raised their price target on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a report on Monday, May 12th. Evercore ISI lifted their target price on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a report on Friday, May 2nd. Mizuho lifted their target price on Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a report on Wednesday, May 28th. Royal Bank of Canada lowered their target price on Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a report on Friday, May 2nd. Finally, Wells Fargo & Company lowered their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $339.25.

Public Storage Trading Down 0.1%

Shares of PSA opened at $302.65 on Tuesday. The business’s 50-day moving average price is $295.60 and its 200 day moving average price is $301.90. The stock has a market capitalization of $53.09 billion, a P/E ratio of 31.43, a P/E/G ratio of 4.91 and a beta of 0.89. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping analysts’ consensus estimates of $4.06 by $0.06. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. Public Storage’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the business posted $4.03 EPS. Analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.97%. Public Storage’s payout ratio is presently 119.17%.

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.