CVA Family Office LLC Buys New Holdings in Public Storage (NYSE:PSA)

CVA Family Office LLC bought a new stake in Public Storage (NYSE:PSA) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 171 shares of the real estate investment trust’s stock, valued at approximately $52,000.

Other large investors have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC boosted its position in Public Storage by 16.1% in the third quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after buying an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Public Storage by 8.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock worth $32,638,000 after purchasing an additional 9,223 shares in the last quarter. 1834 Investment Advisors Co. grew its stake in shares of Public Storage by 115.3% during the 4th quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock worth $5,170,000 after purchasing an additional 9,078 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Public Storage by 17.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 133,907 shares of the real estate investment trust’s stock worth $35,287,000 after purchasing an additional 20,166 shares during the period. Finally, Citigroup Inc. grew its stake in shares of Public Storage by 13.2% during the 3rd quarter. Citigroup Inc. now owns 157,956 shares of the real estate investment trust’s stock worth $41,625,000 after purchasing an additional 18,428 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

PSA has been the topic of a number of analyst reports. Truist Financial raised their price objective on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday, December 28th. Wells Fargo & Company cut shares of Public Storage from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $270.00 to $280.00 in a research note on Tuesday, December 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective on the stock. BMO Capital Markets lifted their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Finally, Barclays started coverage on shares of Public Storage in a research note on Wednesday. They issued an “overweight” rating and a $330.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $300.00.

Public Storage Trading Up 4.7 %

Shares of PSA stock opened at $288.10 on Thursday. The stock’s fifty day moving average is $284.05 and its two-hundred day moving average is $275.27. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a market capitalization of $50.62 billion, a P/E ratio of 26.05, a PEG ratio of 3.61 and a beta of 0.54. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $316.48.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the firm earned $4.16 EPS. The firm’s revenue was up 6.6% on a year-over-year basis. Research analysts expect that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.17%. The ex-dividend date is Tuesday, March 12th. Public Storage’s dividend payout ratio is currently 108.50%.

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.