Heartland Advisors Inc. Makes New Investment in Public Storage (NYSE:PSA)

Heartland Advisors Inc. purchased a new position in shares of Public Storage (NYSE:PSA - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 75,322 shares of the real estate investment trust's stock, valued at approximately $22,973,000. Public Storage comprises about 1.2% of Heartland Advisors Inc.'s portfolio, making the stock its 13th largest position.

Several other institutional investors have also modified their holdings of the company. AdvisorNet Financial Inc grew its position in Public Storage by 3.2% in the 4th quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust's stock valued at $347,000 after buying an additional 35 shares in the last quarter. Gryphon Financial Partners LLC lifted its position in Public Storage by 2.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust's stock worth $476,000 after purchasing an additional 38 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in Public Storage by 4.1% during the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,097 shares of the real estate investment trust's stock valued at $289,000 after purchasing an additional 43 shares in the last quarter. Wealth Alliance grew its holdings in Public Storage by 5.3% during the third quarter. Wealth Alliance now owns 847 shares of the real estate investment trust's stock worth $223,000 after acquiring an additional 43 shares during the period. Finally, RB Capital Management LLC raised its position in Public Storage by 1.1% in the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust's stock worth $1,048,000 after acquiring an additional 43 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Wall Street Analyst Weigh In

PSA has been the topic of several recent research reports. Wells Fargo & Company upgraded shares of Public Storage from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. BMO Capital Markets upped their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an "outperform" rating in a research report on Tuesday, March 19th. Scotiabank increased their price objective on Public Storage from $267.00 to $270.00 and gave the stock a "sector perform" rating in a research note on Monday, March 18th. Raymond James raised Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 target price on the stock in a research note on Thursday, March 28th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research report on Tuesday, January 30th. They issued a "sell" rating and a $250.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $305.00.

Public Storage Stock Performance

Public Storage stock traded up $2.92 during mid-day trading on Tuesday, reaching $279.83. The company had a trading volume of 622,133 shares, compared to its average volume of 713,289. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The firm has a market cap of $49.17 billion, a price-to-earnings ratio of 25.42, a PEG ratio of 3.62 and a beta of 0.57. The company has a 50 day moving average of $275.42 and a 200-day moving average of $277.15.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data 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). The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The business's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.16 earnings per share. On average, sell-side analysts expect that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be paid a $3.00 dividend. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.29%. Public Storage's dividend payout ratio is currently 108.99%.

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.

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