Edgemoor Investment Advisors Inc. Boosts Stake in Public Storage (NYSE:PSA)

Edgemoor Investment Advisors Inc. grew its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 19.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,601 shares of the real estate investment trust's stock after purchasing an additional 2,752 shares during the quarter. Edgemoor Investment Advisors Inc.'s holdings in Public Storage were worth $5,063,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Private Ocean LLC raised its stake 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 acquiring an additional 109 shares during the period. EdgeRock Capital LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at approximately $32,000. Centerpoint Advisors LLC bought a new position in Public Storage in the 4th quarter worth approximately $35,000. Turtle Creek Wealth Advisors LLC purchased a new position in Public Storage in the 4th quarter valued at approximately $35,000. Finally, Aspire Private Capital LLC raised 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 valued at $38,000 after acquiring an additional 44 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. BMO Capital Markets lifted their price target on Public Storage from $325.00 to $330.00 and gave the company an "outperform" rating in a research report on Tuesday, March 19th. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a research report on Tuesday, January 30th. They set a "sell" rating and a $250.00 price target on the stock. Wells Fargo & Company raised shares of Public Storage from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Scotiabank increased their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a "sector perform" rating in a research note on Monday, March 18th. Finally, Barclays started coverage on shares of Public Storage in a research report on Wednesday, March 27th. They set an "overweight" rating and a $330.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $305.00.

Public Storage Price Performance

PSA stock traded up $0.55 during mid-day trading on Friday, hitting $275.94. 383,268 shares of the stock were exchanged, compared to its average volume of 688,999. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market capitalization of $48.48 billion, a price-to-earnings ratio of 25.06, a PEG ratio of 3.62 and a beta of 0.57. The business has a fifty day moving average price of $275.58 and a 200 day moving average price of $276.61. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts' consensus estimates of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The business's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.16 EPS. On average, sell-side analysts anticipate that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend is Wednesday, June 12th. Public Storage's dividend payout ratio is presently 108.99%.

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.