Sowell Financial Services LLC Acquires New Shares in Public Storage (NYSE:PSA)

Sowell Financial Services LLC bought a new stake in shares of Public Storage (NYSE:PSA - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 8,154 shares of the real estate investment trust's stock, valued at approximately $2,440,000.

Other hedge funds have also added to or reduced their stakes in the company. Ameriflex Group Inc. purchased a new position in shares of Public Storage in the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Public Storage in the fourth quarter valued at about $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the first quarter valued at about $36,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage during the fourth quarter worth about $38,000. Finally, Parvin Asset Management LLC purchased a new stake in shares of Public Storage during the fourth quarter worth about $38,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Down 0.3%

Shares of PSA stock traded down $1.01 during trading hours on Tuesday, hitting $293.55. 585,716 shares of the company's stock traded hands, compared to its average volume of 746,854. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock's fifty day simple moving average is $297.68 and its two-hundred day simple moving average is $300.09. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The stock has a market cap of $51.50 billion, a price-to-earnings ratio of 30.48, a PEG ratio of 4.91 and a beta of 0.89.

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, topping the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the company posted $4.03 earnings per share. The company's revenue for the quarter was up .1% compared to the same quarter last year. On average, analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.09%. The ex-dividend date is Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is 119.17%.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of research analyst reports. Mizuho boosted their price target on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Scotiabank upped their target price on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Wells Fargo & Company dropped their price target on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Bank of America boosted their price objective on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Finally, 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 research report on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $339.25.

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.