Cary Street Partners Financial LLC Takes $350,000 Position in Public Storage (NYSE:PSA)

Cary Street Partners Financial LLC purchased a new position in Public Storage (NYSE:PSA - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,171 shares of the real estate investment trust's stock, valued at approximately $350,000.

Several other institutional investors have also bought and sold shares of the company. Baird Financial Group Inc. lifted its position in shares of Public Storage by 2.7% during the 4th quarter. Baird Financial Group Inc. now owns 19,972 shares of the real estate investment trust's stock valued at $5,980,000 after buying an additional 531 shares during the last quarter. Bank of America Corp DE raised its stake in Public Storage by 4.4% in the 4th quarter. Bank of America Corp DE now owns 898,537 shares of the real estate investment trust's stock valued at $269,058,000 after acquiring an additional 38,276 shares during the period. Aptus Capital Advisors LLC lifted its holdings in Public Storage by 12.1% during the fourth quarter. Aptus Capital Advisors LLC now owns 28,373 shares of the real estate investment trust's stock valued at $8,496,000 after purchasing an additional 3,059 shares during the last quarter. Atalanta Sosnoff Capital LLC increased its stake in shares of Public Storage by 9.9% in the fourth quarter. Atalanta Sosnoff Capital LLC now owns 1,103 shares of the real estate investment trust's stock worth $330,000 after purchasing an additional 99 shares in the last quarter. Finally, AXA S.A. raised its position in shares of Public Storage by 17.8% in the fourth quarter. AXA S.A. now owns 28,288 shares of the real estate investment trust's stock valued at $8,471,000 after purchasing an additional 4,280 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

Public Storage stock opened at $303.93 on Friday. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The firm's fifty day moving average price is $294.18 and its 200-day moving average price is $306.90. The stock has a market cap 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 debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The company's revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.03 earnings per share. On average, equities 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 declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 dividend yield of 3.95%. The ex-dividend date is Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PSA. Evercore ISI lifted their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Royal Bank of Canada decreased their price objective on 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. Scotiabank upgraded Public Storage from a "sector perform" rating to a "sector outperform" rating and cut their target price for the stock from $333.00 to $305.00 in a research note on Wednesday, April 9th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and upped their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Finally, Mizuho initiated coverage on shares of Public Storage in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price objective for the company. 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 company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.

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