Public Storage (NYSE:PSA) Shares Acquired by Spinnaker Trust

Spinnaker Trust increased its position in shares of Public Storage (NYSE:PSA - Free Report) by 1,785.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,003 shares of the real estate investment trust's stock after acquiring an additional 17,995 shares during the period. Spinnaker Trust's holdings in Public Storage were worth $5,796,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PSA. Private Ocean LLC boosted its position in Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust's stock valued at $34,000 after buying an additional 109 shares during the period. Centerpoint Advisors LLC purchased a new position in Public Storage in the fourth quarter valued at $35,000. Turtle Creek Wealth Advisors LLC acquired a new position in Public Storage during the 4th quarter worth $35,000. Avior Wealth Management LLC grew its stake in Public Storage by 49.5% during the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust's stock worth $38,000 after purchasing an additional 48 shares in the last quarter. Finally, Aspire Private Capital LLC increased its holdings in Public Storage by 44.0% during the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust's stock worth $38,000 after purchasing an additional 44 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Performance

NYSE PSA traded down $0.95 during trading hours on Friday, hitting $257.73. The company had a trading volume of 576,484 shares, compared to its average volume of 720,981. The business has a 50 day moving average of $278.68 and a 200-day moving average of $276.31. The company has a market cap of $45.28 billion, a PE ratio of 23.30, a price-to-earnings-growth ratio of 3.44 and a beta of 0.54. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. 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 (NYSE:PSA - Get Free Report) last posted its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm posted $4.16 earnings per share. As a group, equities research analysts expect that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.66%. Public Storage's dividend payout ratio (DPR) is presently 108.50%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PSA. BMO Capital Markets lifted their price objective on Public Storage from $325.00 to $330.00 and gave the company an "outperform" rating in a research note on Tuesday, March 19th. The Goldman Sachs Group boosted their price target on shares of Public Storage from $307.00 to $340.00 and gave the stock a "buy" rating in a report on Thursday, January 11th. Raymond James raised shares of Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 price objective on the stock in a research report on Thursday, March 28th. Truist Financial lifted their price objective on shares of Public Storage from $285.00 to $315.00 and gave the stock a "buy" rating in a research report on Thursday, December 28th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a "sell" rating and a $250.00 target price for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $305.00.

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.

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