Public Storage (NYSE:PSA) Stake Increased by Spire Wealth Management

Spire Wealth Management grew its position in Public Storage (NYSE:PSA - Free Report) by 678.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,198 shares of the real estate investment trust's stock after buying an additional 2,787 shares during the quarter. Spire Wealth Management's holdings in Public Storage were worth $957,000 at the end of the most recent quarter.

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

Public Storage Stock Up 0.5%

Shares of PSA traded up $1.43 during trading on Friday, reaching $290.00. The company's stock had a trading volume of 1,194,232 shares, compared to its average volume of 750,641. The company has a market cap of $50.87 billion, a price-to-earnings ratio of 28.80, a P/E/G ratio of 4.17 and a beta of 0.89. 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 company has a fifty day moving average of $298.55 and a two-hundred day moving average of $297.88. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business's revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.03 earnings per share. On average, sell-side analysts predict that Public Storage will post 16.7 EPS for the current fiscal 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. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.14%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PSA. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a research report on Thursday, April 10th. Scotiabank lifted their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a research report on Tuesday. Royal Bank Of Canada reduced their price target on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research report on Friday, May 2nd. Finally, BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and reduced their price target for the company from $340.00 to $325.00 in a research report on Friday, June 20th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $337.64.

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.