Boothbay Fund Management LLC Boosts Stock Position in Public Storage (NYSE:PSA)

Boothbay Fund Management LLC boosted its holdings in Public Storage (NYSE:PSA - Free Report) by 871.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,573 shares of the real estate investment trust's stock after buying an additional 16,662 shares during the quarter. Boothbay Fund Management LLC's holdings in Public Storage were worth $5,561,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Quent Capital LLC lifted its position in 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 acquiring an additional 50 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Public Storage in the 4th quarter valued at approximately $32,000. Synergy Asset Management LLC bought a new position in Public Storage in the 4th quarter valued at $38,000. Millstone Evans Group LLC bought a new position in Public Storage in the 4th quarter valued at $38,000. Finally, Bridge Generations Wealth Management LLC bought a new stake in shares of Public Storage during the 4th quarter worth $56,000. Institutional investors own 78.79% of the company's stock.

Public Storage Price Performance

Shares of Public Storage stock traded up $7.55 on Wednesday, hitting $300.54. 1,044,196 shares of the company traded hands, compared to its average volume of 738,537. The stock has a market capitalization of $52.72 billion, a P/E ratio of 31.21, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. 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 has a 52 week low of $256.31 and a 52 week high of $369.99. The business has a 50-day simple moving average of $295.02 and a 200 day simple moving average of $308.97.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating 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's revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.03 EPS. Research analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's dividend payout ratio (DPR) is presently 112.89%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PSA. Bank of America raised shares of Public Storage from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $349.00 to $368.00 in a research note on Tuesday, April 22nd. Royal Bank of Canada cut their price objective on Public Storage from $342.00 to $329.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 26th. Mizuho began coverage on Public Storage in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price objective on the stock. Barclays reiterated an "overweight" rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and an average price target of $336.25.

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.