Public Storage (NYSE:PSA) Shares Bought by Atria Wealth Solutions Inc.

Atria Wealth Solutions Inc. raised its stake in Public Storage (NYSE:PSA) by 34.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 5,579 shares of the real estate investment trust’s stock after purchasing an additional 1,416 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Public Storage were worth $1,702,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its stake in Public Storage by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after purchasing an additional 729,262 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Public Storage by 22.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock valued at $633,949,000 after purchasing an additional 451,864 shares during the last quarter. Northern Trust Corp increased its stake in Public Storage by 2.8% in the third quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock valued at $609,253,000 after purchasing an additional 63,289 shares during the last quarter. Morgan Stanley increased its stake in Public Storage by 0.8% in the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock valued at $442,753,000 after purchasing an additional 13,864 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Public Storage by 6.5% in the third quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock valued at $350,540,000 after purchasing an additional 80,784 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of NYSE PSA opened at $259.45 on Wednesday. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The business has a 50-day moving average of $277.82 and a 200-day moving average of $276.18. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market capitalization of $45.58 billion, a price-to-earnings ratio of 23.46, a PEG ratio of 3.45 and a beta of 0.54.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share 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 during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the company earned $4.16 EPS. Public Storage’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities analysts anticipate that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.63%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is 108.50%.

Analysts Set New Price Targets

PSA has been the subject of several analyst reports. BMO Capital Markets upped their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Barclays assumed coverage on Public Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target for the company. Scotiabank boosted their price target on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Finally, Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $280.00 to $310.00 in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Company 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.