United Community Bank Grows Position in Public Storage (NYSE:PSA)

United Community Bank increased its position in shares of Public Storage (NYSE:PSA - Free Report) by 71.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,516 shares of the real estate investment trust's stock after acquiring an additional 2,706 shares during the quarter. United Community Bank's holdings in Public Storage were worth $1,950,000 as of its most recent filing with the SEC.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSA. Evercore ISI boosted their target price on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Barclays decreased their price objective on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research note on Thursday, April 10th. BNP Paribas Exane assumed coverage on shares of Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 target price on the stock. Finally, Scotiabank boosted their target price on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued 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 price target of $337.64.

Public Storage Trading Down 0.5%

NYSE:PSA traded down $1.38 on Thursday, reaching $284.17. 314,909 shares of the stock traded hands, compared to its average volume of 763,198. The firm has a market capitalization of $49.85 billion, a price-to-earnings ratio of 28.18, a price-to-earnings-growth ratio of 4.11 and a beta of 0.86. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The company's 50 day moving average is $297.38 and its 200-day moving average is $296.58.

Public Storage (NYSE:PSA - Get Free Report) last issued 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 business had revenue of $1.18 billion for 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 last year, the business earned $4.03 EPS. Equities research analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were given a dividend of $3.00 per share. 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 4.22%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

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.