Public Storage (NYSE:PSA) Shares Acquired by CVA Family Office LLC

CVA Family Office LLC increased its position in Public Storage (NYSE:PSA) by 24.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 238 shares of the real estate investment trust’s stock after buying an additional 47 shares during the quarter. CVA Family Office LLC’s holdings in Public Storage were worth $71,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Stanley Laman Group Ltd. acquired a new stake in shares of Public Storage in the first quarter valued at $404,000. Smithbridge Asset Management Inc. DE acquired a new stake in shares of Public Storage in the first quarter valued at $812,000. Donald L. Hagan LLC lifted its holdings in shares of Public Storage by 3.4% in the first quarter. Donald L. Hagan LLC now owns 3,270 shares of the real estate investment trust’s stock valued at $979,000 after buying an additional 106 shares during the period. Ferguson Wellman Capital Management Inc. acquired a new stake in shares of Public Storage during the first quarter worth $224,000. Finally, Simon Quick Advisors LLC acquired a new stake in shares of Public Storage during the first quarter worth $335,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Scotiabank boosted their target price 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. Wells Fargo & Company cut their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Barclays cut 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. Royal Bank of Canada cut their target price on Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research report on Friday, May 2nd. Finally, Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a research report on Thursday, April 10th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $339.25.

Public Storage Stock Performance

Shares of PSA stock opened at $294.85 on Monday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The stock’s 50-day moving average is $297.10 and its two-hundred day moving average is $300.46. The firm has a market cap of $51.73 billion, a P/E ratio of 30.62, a PEG ratio of 4.91 and a beta of 0.89.

Public Storage (NYSE:PSA) last issued 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. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the firm posted $4.03 EPS. The business’s revenue was up .1% compared to the same quarter last year. Analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s payout ratio is currently 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.