Moran Wealth Management LLC Sells 31,422 Shares of Public Storage (NYSE:PSA)

Moran Wealth Management LLC lessened its stake in shares of Public Storage (NYSE:PSA - Free Report) by 82.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,621 shares of the real estate investment trust's stock after selling 31,422 shares during the quarter. Moran Wealth Management LLC's holdings in Public Storage were worth $1,982,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PSA. Ameriflex Group Inc. acquired a new position in shares of Public Storage during the fourth quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage during the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage during the first quarter valued at approximately $36,000. Millstone Evans Group LLC bought a new stake in Public Storage during the fourth quarter worth approximately $38,000. Finally, Parvin Asset Management LLC bought a new stake in Public Storage during the fourth quarter worth approximately $38,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analyst Weigh In

PSA has been the subject of a number of research reports. Evercore ISI raised their target price on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Royal Bank Of Canada reduced their target price on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. Mizuho raised their target price on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Barclays reduced their target price on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Finally, Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a report on Thursday, April 10th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $337.64.

Public Storage Stock Up 0.5%

Shares of PSA stock traded up $1.43 during trading on Friday, hitting $290.00. 1,194,232 shares of the company were exchanged, compared to its average volume of 751,258. The business's 50-day simple moving average is $298.67 and its 200 day simple moving average is $298.14. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The firm has a market capitalization of $50.87 billion, a price-to-earnings ratio of 28.80, a P/E/G ratio of 4.19 and a beta of 0.89. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55.

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, beating analysts' consensus estimates of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the business posted $4.03 EPS. The company's revenue for the quarter was up .1% on a year-over-year basis. As a group, analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.14%. The ex-dividend date is Thursday, June 12th. Public Storage's payout ratio is currently 119.17%.

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.