Public Storage (NYSE:PSA) Shares Purchased by Wedmont Private Capital

Wedmont Private Capital boosted its holdings in shares of Public Storage (NYSE:PSA) by 20.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 874 shares of the real estate investment trust’s stock after acquiring an additional 151 shares during the period. Wedmont Private Capital’s holdings in Public Storage were worth $245,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PSA. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Public Storage by 30.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock valued at $40,926,000 after purchasing an additional 31,662 shares during the last quarter. Meridian Wealth Management LLC acquired a new stake in shares of Public Storage in the 4th quarter worth $395,000. Aew Capital Management L P raised its holdings in shares of Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after acquiring an additional 228,740 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Public Storage by 53.5% during the 4th quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust’s stock valued at $5,759,000 after acquiring an additional 6,706 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in shares of Public Storage by 1,360.5% in the fourth quarter. Meeder Asset Management Inc. now owns 1,256 shares of the real estate investment trust’s stock valued at $376,000 after purchasing an additional 1,170 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Down 1.3%

Shares of NYSE:PSA opened at $300.10 on Thursday. The firm has a market capitalization of $52.65 billion, a PE ratio of 31.16, a price-to-earnings-growth 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 debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s 50-day moving average is $296.11 and its two-hundred day moving average is $301.90.

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

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.00%. Public Storage’s payout ratio is 119.17%.

Analyst Ratings Changes

Several research firms have weighed in on PSA. Bank of America boosted their target price on shares of Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Mizuho upped their price objective on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a report on Wednesday, May 28th. Scotiabank increased their price objective on Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 12th. Barclays reduced their target price on Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a research report on Friday, May 16th. Finally, Truist Financial upgraded Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a report on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $339.25.

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.