Ellevest Inc. Boosts Stake in Public Storage (NYSE:PSA)

Ellevest Inc. raised its position in Public Storage (NYSE:PSA) by 12.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,137 shares of the real estate investment trust’s stock after purchasing an additional 129 shares during the quarter. Ellevest Inc.’s holdings in Public Storage were worth $340,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Quent Capital LLC raised its holdings in shares of Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in Public Storage in the 4th quarter valued at about $32,000. Synergy Asset Management LLC purchased a new stake in Public Storage during the fourth quarter worth about $38,000. Millstone Evans Group LLC purchased a new stake in Public Storage during the fourth quarter worth about $38,000. Finally, Parvin Asset Management LLC acquired a new stake in shares of Public Storage during the fourth quarter worth about $38,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

Shares of NYSE PSA opened at $303.93 on Friday. The stock’s 50-day simple moving average is $294.18 and its 200-day simple moving average is $306.67. The firm has a market capitalization of $53.31 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

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 for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the firm earned $4.03 EPS. The company’s revenue was up .1% compared to the same quarter last year. As a group, equities research analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.95%. The ex-dividend date is Thursday, June 12th. Public Storage’s payout ratio is 119.17%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PSA shares. Royal Bank of Canada cut their target price on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research note on Friday, May 2nd. Barclays reaffirmed an “overweight” rating and set a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Scotiabank upgraded Public Storage from a “sector perform” rating to a “sector outperform” rating and decreased their target price for the company from $333.00 to $305.00 in a report on Wednesday, April 9th. Bank of America upgraded Public Storage from a “neutral” rating to a “buy” rating and upped their price target for the stock from $349.00 to $368.00 in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company decreased their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $333.75.

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.