Beverly Hills Private Wealth LLC Acquires New Stake in Public Storage (NYSE:PSA)

Beverly Hills Private Wealth LLC acquired a new stake in shares of Public Storage (NYSE:PSA) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 762 shares of the real estate investment trust’s stock, valued at approximately $233,000.

A number of other large investors have also made changes to their positions in the stock. Conning Inc. raised its holdings in shares of Public Storage by 8.6% in the 4th quarter. Conning Inc. now owns 9,105 shares of the real estate investment trust’s stock worth $2,777,000 after purchasing an additional 718 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Public Storage by 12.8% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 879,773 shares of the real estate investment trust’s stock worth $268,331,000 after purchasing an additional 100,033 shares during the period. Lecap Asset Management Ltd. purchased a new position in shares of Public Storage in the 4th quarter worth about $1,208,000. Louisiana State Employees Retirement System purchased a new position in shares of Public Storage in the 4th quarter worth about $2,928,000. Finally, Lauer Wealth LLC purchased a new position in shares of Public Storage in the 4th quarter worth about $342,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA stock opened at $262.22 on Wednesday. The firm has a market cap of $46.07 billion, a P/E ratio of 23.71, a PEG ratio of 3.49 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The stock’s 50-day moving average is $282.12 and its two-hundred day moving average is $276.57.

Public Storage (NYSE:PSA) last posted its earnings results 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 return on equity of 35.31% and a net margin of 45.34%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the company earned $4.16 earnings per share. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. Analysts predict that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date was Tuesday, March 12th. Public Storage’s dividend payout ratio is 108.50%.

Wall Street Analysts Forecast Growth

PSA has been the topic of several analyst reports. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. The Goldman Sachs Group raised their target price on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. Truist Financial raised their target price on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, December 28th. Finally, Barclays initiated coverage on Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Company 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.