Sequoia Financial Advisors LLC Has $2.46 Million Stock Position in Public Storage (NYSE:PSA)

Sequoia Financial Advisors LLC boosted its position in shares of Public Storage (NYSE:PSA) by 14.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,762 shares of the real estate investment trust’s stock after purchasing an additional 830 shares during the period. Sequoia Financial Advisors LLC’s holdings in Public Storage were worth $2,460,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Park Avenue Securities LLC boosted its holdings in shares of Public Storage by 6.1% in the 1st quarter. Park Avenue Securities LLC now owns 3,193 shares of the real estate investment trust’s stock worth $926,000 after acquiring an additional 184 shares in the last quarter. Riverview Trust Co acquired a new position in Public Storage in the first quarter worth $37,000. Kingswood Wealth Advisors LLC boosted its stake in Public Storage by 12.2% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,866 shares of the real estate investment trust’s stock worth $541,000 after purchasing an additional 203 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Public Storage by 64,500.0% during the first quarter. Sunbelt Securities Inc. now owns 646 shares of the real estate investment trust’s stock worth $187,000 after purchasing an additional 645 shares during the last quarter. Finally, Brookstone Capital Management increased its stake in shares of Public Storage by 3.4% in the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after buying an additional 40 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the topic of several research analyst reports. Evercore ISI decreased their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Wells Fargo & Company raised their target price on shares of Public Storage from $320.00 to $375.00 and gave the company an “overweight” rating in a research note on Monday. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. Morgan Stanley lifted their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada initiated coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $340.93.

Public Storage Trading Up 1.4 %

NYSE PSA opened at $339.77 on Thursday. Public Storage has a one year low of $233.18 and a one year high of $369.99. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market cap of $59.71 billion, a P/E ratio of 30.86, a P/E/G ratio of 4.87 and a beta of 0.68. The stock’s 50-day moving average is $346.82 and its 200-day moving average is $306.35.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the firm posted $4.28 EPS. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. Sell-side analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.53%. Public Storage’s payout ratio is presently 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.