Edgemoor Investment Advisors Inc. Buys 1,666 Shares of Public Storage (NYSE:PSA)

Edgemoor Investment Advisors Inc. boosted its position in shares of Public Storage (NYSE:PSA - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,074 shares of the real estate investment trust's stock after buying an additional 1,666 shares during the period. Edgemoor Investment Advisors Inc.'s holdings in Public Storage were worth $8,402,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its stake in Public Storage by 12.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock worth $13,240,000 after buying an additional 4,746 shares during the period. Brighton Jones LLC boosted its stake in shares of Public Storage by 9.7% during the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock valued at $517,000 after buying an additional 152 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of Public Storage by 1.2% during the 1st quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock valued at $92,960,000 after buying an additional 3,627 shares during the last quarter. Private Trust Co. NA boosted its stake in shares of Public Storage by 228.1% during the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock valued at $640,000 after buying an additional 1,487 shares during the last quarter. Finally, Summit Trail Advisors LLC lifted its holdings in Public Storage by 43.3% during the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock worth $1,083,000 after buying an additional 1,093 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Mizuho boosted their price target on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Scotiabank boosted their price objective on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Barclays cut their price objective on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research report on Thursday, April 10th. Finally, Royal Bank Of Canada lowered their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Six investment 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 stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $337.64.

Public Storage Stock Performance

NYSE:PSA traded up $0.47 during midday trading on Monday, reaching $284.53. The stock had a trading volume of 882,130 shares, compared to its average volume of 768,532. The stock has a market cap of $49.92 billion, a P/E ratio of 16.95, a P/E/G ratio of 4.14 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 firm has a fifty day simple moving average of $296.64 and a two-hundred day simple moving average of $296.37. 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 released its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The business's revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $4.03 EPS. On average, equities analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's dividend payout ratio is 119.17%.

Public Storage Company 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.