Wealth Enhancement Advisory Services LLC Has $11.83 Million Stake in Public Storage (NYSE:PSA)

Wealth Enhancement Advisory Services LLC cut its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 48.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,490 shares of the real estate investment trust's stock after selling 37,364 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Public Storage were worth $11,825,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Werba Rubin Papier Wealth Management grew its stake in Public Storage by 1.7% in the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock worth $681,000 after purchasing an additional 38 shares in the last quarter. Lido Advisors LLC grew its stake in Public Storage by 0.9% in the fourth quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock worth $1,287,000 after purchasing an additional 39 shares in the last quarter. Global X Japan Co. Ltd. grew its stake in Public Storage by 13.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 333 shares of the real estate investment trust's stock worth $100,000 after purchasing an additional 40 shares in the last quarter. Yoder Wealth Management Inc. grew its stake in Public Storage by 5.4% in the fourth quarter. Yoder Wealth Management Inc. now owns 804 shares of the real estate investment trust's stock worth $241,000 after purchasing an additional 41 shares in the last quarter. Finally, Integrated Advisors Network LLC grew its stake in Public Storage by 1.4% in the fourth quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust's stock worth $918,000 after purchasing an additional 41 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 2.2%

Shares of NYSE:PSA traded down $6.81 during trading on Tuesday, reaching $302.96. 529,709 shares of the company traded hands, compared to its average volume of 744,552. The firm has a fifty day simple moving average of $294.98 and a 200 day simple moving average of $303.06. The firm has a market cap of $53.15 billion, a P/E ratio of 31.47, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The company's revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the business posted $4.03 EPS. Analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's payout ratio is presently 119.17%.

Analysts Set New Price Targets

A number of research firms recently commented on PSA. Scotiabank lifted their price target on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Wells Fargo & Company cut their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a report on Thursday, April 10th. Evercore ISI raised their target price on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Finally, Barclays cut their target price on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $339.25.

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.