Archer Investment Corp Has $359,000 Holdings in Public Storage (NYSE:PSA)

Archer Investment Corp decreased its position in Public Storage (NYSE:PSA) by 10.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,176 shares of the real estate investment trust’s stock after selling 135 shares during the period. Archer Investment Corp’s holdings in Public Storage were worth $359,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sunbelt Securities Inc. purchased a new position in Public Storage in the first quarter valued at about $26,000. ICA Group Wealth Management LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at $29,000. Private Ocean LLC raised 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 worth $34,000 after purchasing an additional 109 shares during the period. Live Oak Investment Partners purchased a new position in Public Storage in the 4th quarter worth $34,000. Finally, Centerpoint Advisors LLC purchased a new position in Public Storage in the 4th quarter worth $35,000. 78.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PSA. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective on the stock. Truist Financial boosted their price objective on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday, December 28th. Barclays initiated coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price objective on the stock. The Goldman Sachs Group lifted their target price 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. Finally, Raymond James raised 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 report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Stock Down 0.2 %

PSA opened at $261.67 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The firm has a 50 day moving average price of $281.73 and a 200-day moving average price of $276.46. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The stock has a market capitalization of $45.97 billion, a price-to-earnings ratio of 23.66, a PEG ratio of 3.44 and a beta of 0.54.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the company posted $4.16 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. Equities research analysts forecast that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued 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 yield of 4.59%. Public Storage’s dividend payout ratio is currently 108.50%.

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.