Sagespring Wealth Partners LLC Has $381,000 Stock Position in Public Storage (NYSE:PSA)

Sagespring Wealth Partners LLC raised its holdings in Public Storage (NYSE:PSA) by 40.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,273 shares of the real estate investment trust’s stock after acquiring an additional 367 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in Public Storage were worth $381,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Sowell Financial Services LLC acquired a new position in Public Storage in the 1st quarter valued at approximately $2,440,000. Mission Wealth Management LP acquired a new position in Public Storage in the 1st quarter valued at approximately $1,240,000. Columbus Macro LLC increased its position in Public Storage by 5.3% in the 1st quarter. Columbus Macro LLC now owns 22,531 shares of the real estate investment trust’s stock valued at $6,743,000 after acquiring an additional 1,127 shares during the period. Brighton Jones LLC increased its position in Public Storage by 9.7% in the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust’s stock valued at $517,000 after acquiring an additional 152 shares during the period. Finally, Exchange Traded Concepts LLC increased its position in Public Storage by 16.3% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,278 shares of the real estate investment trust’s stock valued at $682,000 after acquiring an additional 320 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PSA shares. Wells Fargo & Company decreased their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Mizuho increased their price objective on shares of Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Royal Bank Of Canada decreased their price objective on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. Bank of America increased their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Finally, Barclays decreased their price objective on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $339.25.

Public Storage Stock Down 0.9%

Shares of NYSE PSA opened at $290.87 on Thursday. The firm has a market cap of $51.03 billion, a PE ratio of 28.89, a P/E/G ratio of 4.25 and a beta of 0.89. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The company’s fifty day simple moving average is $298.07 and its 200 day simple moving average is $299.98. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the firm posted $4.03 earnings per share. The firm’s revenue for the quarter was up .1% on a year-over-year basis. As a group, sell-side analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.13%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

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.