HB Wealth Management LLC Invests $429,000 in Public Storage (NYSE:PSA)

HB Wealth Management LLC acquired a new position in shares of Public Storage (NYSE:PSA) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,405 shares of the real estate investment trust’s stock, valued at approximately $429,000.

Several other hedge funds have also modified their holdings of the company. SG Americas Securities LLC raised its holdings in shares of Public Storage by 23.4% during the 4th quarter. SG Americas Securities LLC now owns 10,041 shares of the real estate investment trust’s stock worth $3,063,000 after acquiring an additional 1,902 shares in the last quarter. Stableford Capital II LLC purchased a new stake in shares of Public Storage during the 4th quarter worth approximately $1,010,000. Trilogy Capital Inc. raised its holdings in shares of Public Storage by 1.4% during the 4th quarter. Trilogy Capital Inc. now owns 9,371 shares of the real estate investment trust’s stock worth $2,858,000 after acquiring an additional 130 shares in the last quarter. Brookstone Capital Management raised its holdings in shares of Public Storage by 34.2% during the 4th quarter. Brookstone Capital Management now owns 1,182 shares of the real estate investment trust’s stock worth $361,000 after acquiring an additional 301 shares in the last quarter. Finally, Cascade Investment Advisors Inc. raised its holdings in Public Storage by 15.6% during the 4th quarter. Cascade Investment Advisors Inc. now owns 5,839 shares of the real estate investment trust’s stock valued at $1,781,000 after buying an additional 790 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of PSA stock opened at $288.10 on Thursday. The stock’s 50-day moving average is $284.05 and its 200 day moving average is $275.27. 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 1-year low of $233.18 and a 1-year high of $316.48. The company has a market cap of $50.62 billion, a P/E ratio of 26.05, a PEG ratio of 3.62 and a beta of 0.54.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the business posted $4.16 earnings per share. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. Research analysts predict that Public Storage will post 16.91 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date is Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.50%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Wells Fargo & Company lowered Public Storage from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $270.00 to $280.00 in a report on Tuesday, December 12th. Scotiabank increased their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price on the stock. The Goldman Sachs Group increased their target price on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Finally, Barclays assumed coverage on Public Storage in a research note on Wednesday. They issued an “overweight” rating and a $330.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $300.00.

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.