Lecap Asset Management Ltd. Purchases New Position in Public Storage (NYSE:PSA)

Lecap Asset Management Ltd. acquired a new position in Public Storage (NYSE:PSA - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,961 shares of the real estate investment trust's stock, valued at approximately $1,208,000.

Other large investors also recently made changes to their positions in the company. Sunbelt Securities Inc. acquired a new stake in shares of Public Storage in the first quarter worth $26,000. ICA Group Wealth Management LLC acquired a new stake in shares of Public Storage in the fourth quarter worth $29,000. Private Ocean LLC boosted its stake in shares of Public Storage by 5,450.0% in the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust's stock valued at $34,000 after purchasing an additional 109 shares during the period. Centerpoint Advisors LLC purchased a new position in shares of Public Storage in the fourth quarter valued at $35,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in shares of Public Storage in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of Public Storage stock traded down $3.04 during trading hours on Friday, reaching $272.14. The company's stock had a trading volume of 516,298 shares, compared to its average volume of 616,247. The company's 50 day simple moving average is $282.62 and its 200 day simple moving average is $276.48. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. Public Storage has a one year low of $233.18 and a one year high of $312.80. The stock has a market cap of $47.81 billion, a P/E ratio of 24.61, a price-to-earnings-growth ratio of 3.61 and a beta of 0.54.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the business posted $4.16 earnings per share. The company's quarterly revenue was up 6.6% compared to the same quarter last year. As a group, analysts expect that Public Storage will post 16.93 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.41%. Public Storage's payout ratio is currently 108.50%.

Analyst Ratings Changes

Several research analysts have recently weighed in on PSA shares. Raymond James upgraded shares of Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 target price for the company in a research note on Thursday, March 28th. Scotiabank upped their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a "sector perform" rating in a research note on Monday, March 18th. Wells Fargo & Company upgraded shares of Public Storage from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $280.00 to $310.00 in a research note on Friday, April 5th. BMO Capital Markets upped their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an "outperform" rating in a research note on Tuesday, March 19th. Finally, The Goldman Sachs Group increased their price objective on shares of Public Storage from $307.00 to $340.00 and gave the company a "buy" rating in a research note on Thursday, January 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $305.00.

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.