Concurrent Investment Advisors LLC Purchases 2,935 Shares of Public Storage (NYSE:PSA)

Concurrent Investment Advisors LLC increased its stake in shares of Public Storage (NYSE:PSA - Free Report) by 228.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,218 shares of the real estate investment trust's stock after purchasing an additional 2,935 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Public Storage were worth $1,262,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ameriflex Group Inc. acquired a new position in Public Storage during the 4th quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new position in Public Storage during the 4th quarter worth approximately $32,000. Opal Wealth Advisors LLC acquired a new position in Public Storage during the 1st quarter worth approximately $36,000. Millstone Evans Group LLC acquired a new position in Public Storage during the 4th quarter worth approximately $38,000. Finally, Parvin Asset Management LLC acquired a new position in Public Storage during the 4th quarter worth approximately $38,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Bank of America upped their price target on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. BNP Paribas Exane assumed coverage on shares of Public Storage in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price target for the company. Barclays decreased their price target 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. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Royal Bank Of Canada decreased their price target 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. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $337.64.

Public Storage Stock Down 0.3%

Shares of NYSE PSA opened at $290.98 on Wednesday. The firm has a market cap of $51.05 billion, a PE ratio of 28.90, a P/E/G ratio of 4.22 and a beta of 0.86. 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 $298.86 and its 200 day simple moving average is $297.08. 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 - Get Free Report) last issued its 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 business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. Public Storage's revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.03 earnings per share. As a group, sell-side analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is 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.

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