Summit Trail Advisors LLC Has $1.08 Million Position in Public Storage (NYSE:PSA)

Summit Trail Advisors LLC boosted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 43.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,619 shares of the real estate investment trust's stock after acquiring an additional 1,093 shares during the quarter. Summit Trail Advisors LLC's holdings in Public Storage were worth $1,083,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Shum Financial Group Inc. grew its stake in shares of Public Storage by 1.7% during the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock valued at $625,000 after purchasing an additional 35 shares during the last quarter. Lido Advisors LLC boosted its position in Public Storage by 0.9% in the 4th quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock valued at $1,287,000 after buying an additional 39 shares during the last quarter. Integrated Advisors Network LLC increased its stake in shares of Public Storage by 1.4% in the 4th quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust's stock valued at $918,000 after buying an additional 41 shares during the period. Atlas Brown Inc. raised its position in shares of Public Storage by 2.1% during the first quarter. Atlas Brown Inc. now owns 2,176 shares of the real estate investment trust's stock worth $651,000 after acquiring an additional 45 shares during the last quarter. Finally, CVA Family Office LLC raised its position in shares of Public Storage by 24.6% during the first quarter. CVA Family Office LLC now owns 238 shares of the real estate investment trust's stock worth $71,000 after acquiring an additional 47 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of PSA traded down $0.91 during mid-day trading on Wednesday, hitting $297.18. 729,615 shares of the company's stock were exchanged, compared to its average volume of 749,038. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The firm has a market cap of $52.13 billion, a price-to-earnings ratio of 29.51, a price-to-earnings-growth ratio of 4.24 and a beta of 0.87. The stock's 50-day simple moving average is $298.71 and its 200-day simple moving average is $297.38. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating the consensus estimate of $4.06 by $0.06. The firm 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 company's quarterly revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.03 EPS. On average, equities research analysts expect that Public Storage will post 16.7 EPS for the current 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 dividend of $3.00 per share. The ex-dividend date was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.04%. Public Storage's payout ratio is 119.17%.

Analysts Set New Price Targets

A number of research firms have commented on PSA. 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 report on Thursday, April 10th. BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Royal Bank Of Canada cut their target price on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Scotiabank boosted their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Finally, Evercore ISI upped their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research report on Friday, May 2nd. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $337.64.

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.