Public Storage (NYSE:PSA) Shares Acquired by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. raised its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 13.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,272 shares of the real estate investment trust's stock after purchasing an additional 1,305 shares during the period. Avantax Advisory Services Inc.'s holdings in Public Storage were worth $3,373,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Carnegie Investment Counsel grew its stake in shares of Public Storage by 4,979.9% in the 1st quarter. Carnegie Investment Counsel now owns 84,174 shares of the real estate investment trust's stock worth $25,025,000 after buying an additional 82,517 shares during the last quarter. IMA Advisory Services Inc. bought a new stake in Public Storage in the first quarter worth $53,000. Advisors Preferred LLC bought a new position in shares of Public Storage during the first quarter valued at $568,000. KLP Kapitalforvaltning AS raised its position in shares of Public Storage by 30.2% in the 1st quarter. KLP Kapitalforvaltning AS now owns 80,114 shares of the real estate investment trust's stock worth $23,977,000 after purchasing an additional 18,600 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its stake in Public Storage by 3.8% in the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 272,145 shares of the real estate investment trust's stock worth $87,110,000 after purchasing an additional 9,847 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. BNP Paribas Exane initiated coverage on Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price target for the company. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a research report on Thursday, April 10th. BNP Paribas raised Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Scotiabank lifted their price objective on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and a consensus price target of $335.57.

Public Storage Price Performance

Shares of NYSE:PSA traded up $5.32 during trading on Friday, reaching $277.26. The stock had a trading volume of 526,363 shares, compared to its average volume of 806,893. The business has a fifty day moving average price of $293.68 and a 200-day moving average price of $295.85. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market cap of $48.64 billion, a PE ratio of 30.23, a PEG ratio of 4.21 and a beta of 0.86. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a return on equity of 33.66% and a net margin of 38.13%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the business posted $4.23 earnings per share. The company's quarterly revenue was up 2.4% on a year-over-year basis. On average, equities analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's payout ratio is currently 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.