Silver Oak Securities Incorporated Acquires Shares of 689 Public Storage (NYSE:PSA)

Silver Oak Securities Incorporated acquired a new stake in shares of Public Storage (NYSE:PSA) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 689 shares of the real estate investment trust’s stock, valued at approximately $210,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Retirement Systems of Alabama raised its stake in Public Storage by 3.4% during the 4th quarter. Retirement Systems of Alabama now owns 234,205 shares of the real estate investment trust’s stock valued at $71,433,000 after acquiring an additional 7,795 shares during the last quarter. Legacy Capital Wealth Partners LLC purchased a new stake in Public Storage during the 4th quarter valued at approximately $228,000. PGGM Investments raised its stake in shares of Public Storage by 15.1% during the 4th quarter. PGGM Investments now owns 181,398 shares of the real estate investment trust’s stock worth $55,326,000 after buying an additional 23,848 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Public Storage by 0.9% during the 4th quarter. Russell Investments Group Ltd. now owns 812,793 shares of the real estate investment trust’s stock worth $248,236,000 after buying an additional 7,414 shares in the last quarter. Finally, Alexander Randolph Advisory Inc. purchased a new position in shares of Public Storage during the 4th quarter worth approximately $245,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PSA shares. 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. BMO Capital Markets increased their target price on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Barclays started coverage on Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price for the company. 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, Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Price Performance

Shares of NYSE:PSA opened at $260.15 on Thursday. The business’s fifty day moving average price is $277.25 and its two-hundred day moving average price is $276.07. The stock has a market cap of $45.71 billion, a PE ratio of 23.63, a price-to-earnings-growth ratio of 3.40 and a beta of 0.57. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. Public Storage has a one year low of $233.18 and a one year high of $312.25.

Public Storage (NYSE:PSA) last announced its 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). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 35.99%. Public Storage’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $4.16 EPS. On average, analysts forecast that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.61%. The ex-dividend date was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is presently 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.