Waverly Advisors LLC Grows Stock Holdings in Public Storage (NYSE:PSA)

Waverly Advisors LLC lifted its position in shares of Public Storage (NYSE:PSA) by 1.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,410 shares of the real estate investment trust’s stock after purchasing an additional 353 shares during the period. Waverly Advisors LLC’s holdings in Public Storage were worth $9,705,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Cohen & Steers Inc. lifted its position in shares of Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after purchasing an additional 592,944 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Public Storage by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock worth $1,197,769,000 after purchasing an additional 78,472 shares during the last quarter. Norges Bank purchased a new stake in shares of Public Storage during the 4th quarter worth $931,286,000. Northern Trust Corp lifted its position in shares of Public Storage by 43.4% during the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock worth $741,592,000 after purchasing an additional 749,913 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in Public Storage by 44.6% in the fourth quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust’s stock valued at $421,538,000 after acquiring an additional 433,918 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of NYSE:PSA opened at $307.52 on Wednesday. The company has a 50-day simple moving average of $293.87 and a 200-day simple moving average of $305.32. Public Storage has a one year low of $256.60 and a one year high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $53.95 billion, a price-to-earnings ratio of 31.93, a PEG ratio of 4.91 and a beta of 0.91.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating analysts’ consensus estimates of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the company earned $4.03 earnings per share. The business’s revenue was up .1% compared to the same quarter last year. On average, analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.90%. Public Storage’s dividend payout ratio (DPR) is 119.17%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PSA shares. Scotiabank boosted their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research report on Monday, May 12th. Wells Fargo & Company reduced their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research report on Thursday, April 10th. Mizuho started coverage on shares of Public Storage in a research report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price target for the company. Finally, Barclays reduced their price target on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $337.42.

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.