Norden Group LLC bought a new position in shares of Public Storage (NYSE:PSA - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,910 shares of the real estate investment trust's stock, valued at approximately $572,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ameriflex Group Inc. purchased a new position in shares of Public Storage during the fourth quarter worth about $30,000. Spectrum Wealth Counsel LLC purchased a new position in shares of Public Storage during the first quarter worth about $30,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Public Storage during the fourth quarter worth about $32,000. Opal Wealth Advisors LLC purchased a new position in shares of Public Storage during the first quarter worth about $36,000. Finally, Parvin Asset Management LLC purchased a new position in shares of Public Storage during the fourth quarter worth about $38,000. Hedge funds and other institutional investors own 78.79% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on PSA shares. BNP Paribas Exane started coverage on Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective on the stock. Mizuho lifted their price objective on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Royal Bank Of Canada lowered their price objective on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a report on Friday. Barclays lowered their price objective on Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Finally, Bank of America lifted their price objective on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Public Storage currently has a consensus rating of "Moderate Buy" and a consensus target price of $335.57.
Get Our Latest Stock Report on Public Storage
Public Storage Trading Up 2.7%
PSA traded up $7.40 during trading on Friday, hitting $279.34. The company's stock had a trading volume of 1,539,812 shares, compared to its average volume of 910,449. The firm's 50 day moving average price is $293.33 and its 200-day moving average price is $295.77. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 0.55. The stock has a market cap of $49.00 billion, a PE ratio of 30.46, a PEG ratio of 3.97 and a beta of 0.86. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99.
Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%. Public Storage's revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $4.23 EPS. On average, analysts expect that Public Storage will post 16.7 earnings per share for the current year.
Public Storage Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.3%. Public Storage's payout ratio is currently 130.86%.
About Public Storage
(
Free Report)
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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