Global Wealth Management Investment Advisory Inc. Has $492,000 Stock Position in Public Storage (NYSE:PSA)

Global Wealth Management Investment Advisory Inc. lifted its stake in Public Storage (NYSE:PSA) by 11.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,612 shares of the real estate investment trust’s stock after acquiring an additional 172 shares during the quarter. Global Wealth Management Investment Advisory Inc.’s holdings in Public Storage were worth $492,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. JPMorgan Chase & Co. increased its position in Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after buying an additional 729,262 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Public Storage by 22.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock worth $633,949,000 after buying an additional 451,864 shares during the last quarter. Northern Trust Corp increased its position in Public Storage by 2.8% during the third quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock worth $609,253,000 after buying an additional 63,289 shares during the last quarter. Morgan Stanley increased its position in Public Storage by 0.8% during the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after buying an additional 13,864 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Public Storage by 6.5% during the third quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock worth $350,540,000 after buying an additional 80,784 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Up 0.3 %

Shares of PSA stock opened at $260.15 on Thursday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. The stock has a market cap of $45.71 billion, a P/E ratio of 23.63, a price-to-earnings-growth ratio of 3.40 and a beta of 0.57. The stock has a 50 day simple moving average of $277.25 and a 200 day simple moving average of $276.07. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). The company had revenue of $1.16 billion during 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 35.99%. The company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm posted $4.16 earnings per share. On average, research analysts predict that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.61%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is presently 108.99%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PSA. Scotiabank boosted their price target on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. The Goldman Sachs Group boosted their price target on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Barclays started coverage on Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 target price on the stock. Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price on the stock. Finally, Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $280.00 to $310.00 in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $305.00.

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.