Graham Capital Management L.P. Invests $1.40 Million in Public Storage (NYSE:PSA)

Graham Capital Management L.P. bought a new stake in shares of Public Storage (NYSE:PSA - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,684 shares of the real estate investment trust's stock, valued at approximately $1,403,000.

Several other hedge funds have also modified their holdings of PSA. Quent Capital LLC raised its position in Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after buying an additional 50 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in Public Storage in the 4th quarter worth about $32,000. Synergy Asset Management LLC acquired a new position in Public Storage in the 4th quarter worth about $38,000. Millstone Evans Group LLC acquired a new position in Public Storage in the 4th quarter worth about $38,000. Finally, Parvin Asset Management LLC acquired a new position in Public Storage in the 4th quarter worth about $38,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on PSA shares. Mizuho began coverage on Public Storage in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 target price on the stock. Scotiabank increased their price objective on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a report on Monday. Evercore ISI increased their price objective on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. 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 report on Thursday, April 10th. Finally, Bank of America increased their price objective on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a report on Tuesday. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $337.42.

Public Storage Stock Performance

Shares of PSA stock traded up $4.09 during mid-day trading on Friday, reaching $309.07. The stock had a trading volume of 706,932 shares, compared to its average volume of 745,141. The firm's 50 day simple moving average is $293.44 and its 200 day simple moving average is $305.93. 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 has a one year low of $256.60 and a one year high of $369.99. The firm has a market cap of $54.22 billion, a PE ratio of 32.09, a P/E/G ratio of 4.91 and a beta of 0.91.

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, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.18 billion. During the same period in the prior year, the firm posted $4.03 EPS. Public Storage's quarterly revenue was up .1% compared to the same quarter last year. On average, analysts forecast 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 issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.88%. Public Storage's dividend payout ratio is 119.17%.

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.