Cary Street Partners Financial LLC Takes Position in Public Storage (NYSE:PSA)

Cary Street Partners Financial LLC purchased a new position in shares of Public Storage (NYSE:PSA) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,171 shares of the real estate investment trust’s stock, valued at approximately $350,000.

Other large investors have also bought and sold shares of the company. Quent Capital LLC grew its holdings in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Public Storage during the 4th quarter valued at $32,000. Synergy Asset Management LLC bought a new stake in Public Storage in the 4th quarter worth $38,000. Millstone Evans Group LLC purchased a new position in shares of Public Storage in the fourth quarter valued at about $38,000. Finally, Parvin Asset Management LLC purchased a new stake in shares of Public Storage during the fourth quarter worth about $38,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 1.1 %

NYSE PSA opened at $303.93 on Friday. The stock’s 50-day moving average price is $294.18 and its 200-day moving average price is $306.90. The company has a market capitalization of $53.31 billion, a P/E ratio of 31.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating 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 company’s revenue was up .1% on a year-over-year basis. During the same period last year, the firm earned $4.03 EPS. On average, equities research analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The firm 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. This represents a $12.00 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

Wall Street Analyst Weigh In

PSA has been the subject of a number of research analyst reports. Bank of America raised Public Storage from a “neutral” rating to a “buy” rating and raised their price target for the stock from $349.00 to $368.00 in a research note on Tuesday, April 22nd. Mizuho started coverage on Public Storage in a research note on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price target on the stock. Barclays reiterated an “overweight” rating and set a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Evercore ISI raised their price target 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, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their price target for the stock from $298.00 to $299.00 in a research note on Friday, January 10th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $333.75.

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.