Simon Quick Advisors LLC acquired a new stake in Public Storage (NYSE:PSA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,119 shares of the real estate investment trust's stock, valued at approximately $335,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriflex Group Inc. acquired a new stake in Public Storage in the fourth quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Public Storage in the 4th quarter valued at approximately $32,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage during the 4th quarter worth $38,000. Parvin Asset Management LLC purchased a new stake in Public Storage during the 4th quarter worth about $38,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Public Storage in the fourth quarter valued at approximately $43,000. 78.79% of the stock is owned by institutional investors and hedge funds.
Public Storage Stock Performance
Shares of PSA stock traded down $2.14 during mid-day trading on Wednesday, hitting $291.52. The stock had a trading volume of 416,846 shares, compared to its average volume of 745,655. The firm has a market cap of $51.14 billion, a PE ratio of 28.91, a PEG ratio of 4.26 and a beta of 0.89. The company's 50-day simple moving average is $297.90 and its 200-day simple moving average is $300.04. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. Public Storage has a fifty-two week low of $256.60 and a fifty-two 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 analysts' consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The firm's revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.03 EPS. Sell-side analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.
Public Storage Announces Dividend
The firm also recently disclosed 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 4.12%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's payout ratio is 119.17%.
Analyst Upgrades and Downgrades
PSA has been the subject of several research analyst reports. Barclays dropped their target price on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Bank of America raised their price objective on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Scotiabank lifted their target price 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. Wells Fargo & Company reduced their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Finally, Royal Bank Of Canada dropped 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. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $339.25.
Read Our Latest Stock Analysis on PSA
About Public Storage
(
Free Report)
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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