Wolverine Asset Management LLC Invests $1.06 Million in Public Storage (NYSE:PSA)

Wolverine Asset Management LLC bought a new position in shares of Public Storage (NYSE:PSA) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,464 shares of the real estate investment trust’s stock, valued at approximately $1,057,000.

A number of other institutional investors have also added to or reduced their stakes in the company. DAVENPORT & Co LLC lifted its stake in shares of Public Storage by 3.9% during the 3rd quarter. DAVENPORT & Co LLC now owns 2,536 shares of the real estate investment trust’s stock valued at $668,000 after buying an additional 95 shares in the last quarter. Avior Wealth Management LLC grew its holdings in Public Storage by 49.5% in the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 48 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Public Storage by 4.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 2,155 shares of the real estate investment trust’s stock worth $568,000 after purchasing an additional 101 shares during the period. Czech National Bank lifted its position in shares of Public Storage by 47.7% in the 3rd quarter. Czech National Bank now owns 27,659 shares of the real estate investment trust’s stock worth $7,289,000 after purchasing an additional 8,928 shares during the period. Finally, Aaron Wealth Advisors LLC purchased a new position in Public Storage during the 3rd quarter valued at about $2,558,000. 78.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective for the company. Barclays initiated coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target for the company. Scotiabank lifted their price target 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. Truist Financial boosted their target price on shares of Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, December 28th. Finally, 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 report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Performance

PSA stock opened at $258.68 on Friday. The firm has a market cap of $45.45 billion, a price-to-earnings ratio of 23.39, a PEG ratio of 3.44 and a beta of 0.54. The firm has a 50-day simple moving average of $279.16 and a two-hundred day simple moving average of $276.39. Public Storage has a one year low of $233.18 and a one 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) last announced its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the business earned $4.16 earnings per share. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities analysts forecast that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.64%. Public Storage’s payout ratio is 108.50%.

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.