Public Storage (NYSE:PSA) Stock Position Raised by Balentine LLC

Balentine LLC lifted its position in Public Storage (NYSE:PSA) by 18.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,681 shares of the real estate investment trust’s stock after acquiring an additional 259 shares during the quarter. Balentine LLC’s holdings in Public Storage were worth $513,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Private Ocean LLC lifted 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 buying an additional 109 shares in the last quarter. EdgeRock Capital LLC purchased a new stake in Public Storage in the 4th quarter worth approximately $32,000. Centerpoint Advisors LLC bought a new position in shares of Public Storage during the 4th quarter valued at $35,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Public Storage during the 4th quarter valued at $35,000. Finally, Aspire Private Capital LLC raised its holdings in shares of 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 purchasing an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insider Activity at Public Storage

In other news, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the acquisition, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 11.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a report on Thursday, March 28th. BMO Capital Markets raised their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Scotiabank raised their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Finally, Barclays lowered their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $304.75.

Public Storage Price Performance

Shares of Public Storage stock opened at $283.03 on Wednesday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. The firm’s 50-day simple moving average is $275.15 and its 200-day simple moving average is $278.92. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The firm has a market cap of $49.74 billion, a P/E ratio of 25.71, a price-to-earnings-growth ratio of 3.75 and a beta of 0.57.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm posted $4.16 earnings per share. Public Storage’s revenue was up 6.6% on a year-over-year basis. As a group, research analysts expect that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.24%. Public Storage’s dividend payout ratio (DPR) is currently 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.