Opal Wealth Advisors LLC Acquires Shares of 121 Public Storage (NYSE:PSA)

Opal Wealth Advisors LLC acquired a new stake in Public Storage (NYSE:PSA) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 121 shares of the real estate investment trust’s stock, valued at approximately $36,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ameriflex Group Inc. purchased a new stake in shares of Public Storage during the fourth quarter worth about $30,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Public Storage during the fourth quarter worth about $32,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage during the fourth quarter worth about $38,000. Parvin Asset Management LLC purchased a new stake in shares of Public Storage during the fourth quarter worth about $38,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Public Storage during the fourth quarter worth about $43,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of PSA stock opened at $294.60 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The business has a 50 day moving average of $297.68 and a two-hundred day moving average of $300.09. The company has a market cap of $51.68 billion, a P/E ratio of 30.59, a PEG ratio of 4.91 and a beta of 0.89. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99.

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

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.07%. Public Storage’s dividend payout ratio is presently 119.17%.

Analyst Ratings Changes

A number of analysts have recently issued reports on PSA shares. Royal Bank of Canada dropped 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. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a report on Thursday, April 10th. Mizuho boosted 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. Evercore ISI boosted their price objective on Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. Finally, Barclays lowered their price objective on Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Five 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.