New Age Alpha Advisors LLC Buys 1,579 Shares of Public Storage (NYSE:PSA)

Key Points

• New Age Alpha Advisors LLC increased its holdings in Public Storage (NYSE:PSA) by 4.9%, acquiring an additional 1,579 shares, which brought their total stake to 33,512 shares valued at approximately $10 million.
• Recently, analysts have mixed ratings for Public Storage, with BNP Paribas upgrading the stock to a "strong-buy" and several others adjusting their price targets between $320 and $335.
• Public Storage announced a quarterly dividend of $3.00 per share, representing an annual yield of 4.3%, but has a payout ratio of approximately 130.86%.

New Age Alpha Advisors LLC boosted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 4.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,512 shares of the real estate investment trust's stock after acquiring an additional 1,579 shares during the period. New Age Alpha Advisors LLC's holdings in Public Storage were worth $10,030,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PSA. Ameriflex Group Inc. bought a new position in Public Storage during the 4th quarter worth $30,000. Spectrum Wealth Counsel LLC bought a new position in Public Storage during the 1st quarter worth $30,000. Strategic Investment Solutions Inc. IL bought a new position in Public Storage during the 4th quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage in the 1st quarter valued at $36,000. Finally, Parvin Asset Management LLC acquired a new stake in shares of Public Storage in the 4th quarter valued at $38,000. Institutional investors own 78.79% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. BNP Paribas raised Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. BNP Paribas Exane assumed coverage on Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 target price on the stock. Evercore ISI raised their target price on Public Storage from $308.00 to $309.00 and gave the company an "in-line" rating in a report on Monday. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $340.00 to $325.00 in a report on Friday, June 20th. Finally, Wells Fargo & Company cut their price objective on Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Public Storage has an average rating of "Moderate Buy" and an average price target of $335.57.

Public Storage Stock Up 0.6%

Shares of PSA opened at $280.58 on Tuesday. The company has a market capitalization of $49.22 billion, a PE ratio of 30.60, a PEG ratio of 4.07 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 stock's 50-day moving average price is $293.01 and its two-hundred day moving average price is $295.69. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA - Get Free Report) last announced its 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. The firm had revenue of $1.20 billion for 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%. The business's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the business earned $4.23 EPS. On average, analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were issued 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 yield of 4.3%. Public Storage's payout ratio is presently 130.86%.

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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