Focus Partners Wealth Has $4.61 Million Stock Position in Public Storage (NYSE:PSA)

Focus Partners Wealth boosted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 60.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,971 shares of the real estate investment trust's stock after purchasing an additional 5,237 shares during the quarter. Focus Partners Wealth's holdings in Public Storage were worth $4,614,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PSA. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Public Storage by 5.0% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock worth $16,089,000 after acquiring an additional 2,566 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Public Storage by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after acquiring an additional 31,662 shares during the period. Meridian Wealth Management LLC acquired a new position in Public Storage during the 4th quarter worth $395,000. Aew Capital Management L P boosted its position in Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock worth $131,574,000 after acquiring an additional 228,740 shares during the period. Finally, Jones Financial Companies Lllp boosted its position in Public Storage by 53.5% during the 4th quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust's stock worth $5,759,000 after acquiring an additional 6,706 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analyst Weigh In

PSA has been the subject of a number of analyst reports. Scotiabank boosted their price target 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. Mizuho started coverage on Public Storage in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price objective on the stock. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective on the stock in a research note on Thursday, April 10th. Evercore ISI boosted their price objective on Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Finally, Barclays dropped their price objective on Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research note on Friday. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $337.42.

Public Storage Trading Up 1.3%

Shares of Public Storage stock traded up $4.09 on Friday, reaching $309.07. 706,932 shares of the company were exchanged, compared to its average volume of 745,161. The stock has a fifty day moving average price of $293.46 and a 200-day moving average price of $305.57. The firm has a market capitalization of $54.22 billion, a price-to-earnings ratio of 32.09, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. 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 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 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 34.07% and a net margin of 40.54%. Public Storage's revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.03 earnings per share. On average, analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The firm also recently declared 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 3.88%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's payout ratio is 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.