Bison Wealth LLC Makes New Investment in Public Storage (NYSE:PSA)

Bison Wealth LLC acquired a new stake in Public Storage (NYSE:PSA) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 715 shares of the real estate investment trust’s stock, valued at approximately $218,000.

Several other institutional investors have also recently modified their holdings of PSA. Norges Bank acquired a new stake in Public Storage during the 4th quarter valued at approximately $670,512,000. Moneta Group Investment Advisors LLC lifted its position in Public Storage by 111,535.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 1,246,968 shares of the real estate investment trust’s stock valued at $349,388,000 after purchasing an additional 1,245,851 shares during the period. Second Half Financial Partners LLC purchased a new stake in Public Storage in the third quarter valued at $290,129,000. Price T Rowe Associates Inc. MD raised its stake in shares of Public Storage by 63.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust’s stock valued at $832,580,000 after buying an additional 1,071,347 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after buying an additional 729,262 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PSA shares. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a research report on Thursday, March 28th. Barclays started coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 target price for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target on the stock. BMO Capital Markets upped their price objective on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Finally, Truist Financial lifted their price target on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, December 28th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Stock Down 0.2 %

Shares of PSA opened at $261.67 on Thursday. The stock has a 50 day moving average price of $281.73 and a 200 day moving average price of $276.46. 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. The stock has a market capitalization of $45.97 billion, a price-to-earnings ratio of 23.66, a PEG ratio of 3.44 and a beta of 0.54.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. Public Storage’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned $4.16 EPS. Equities research analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a $3.00 dividend. 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 4.59%. Public Storage’s dividend payout ratio (DPR) is presently 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.