Archer Investment Corp Sells 135 Shares of Public Storage (NYSE:PSA)

Archer Investment Corp cut its holdings in Public Storage (NYSE:PSA) by 10.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,176 shares of the real estate investment trust’s stock after selling 135 shares during the period. Archer Investment Corp’s holdings in Public Storage were worth $359,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its stake in Public Storage by 16.1% during the third quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after acquiring an additional 1,349 shares during the period. The Manufacturers Life Insurance Company increased its stake in Public Storage by 8.0% during the third quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after acquiring an additional 9,223 shares during the period. Raymond James & Associates increased its stake in Public Storage by 4.3% during the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after acquiring an additional 4,695 shares during the period. Ellsworth Advisors LLC increased its stake in Public Storage by 615.7% during the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock valued at $6,040,000 after acquiring an additional 17,036 shares during the period. Finally, 1834 Investment Advisors Co. grew its stake in shares of Public Storage by 115.3% in the 4th quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock valued at $5,170,000 after purchasing an additional 9,078 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Down 0.2 %

NYSE:PSA opened at $261.67 on Thursday. The stock’s fifty day moving average price is $281.73 and its two-hundred day moving average price is $276.46. 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 company has a market cap of $45.97 billion, a price-to-earnings ratio of 23.66, a P/E/G ratio of 3.44 and a beta of 0.54. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25.

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

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is currently 108.50%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSA. The Goldman Sachs Group upped their price objective on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. BMO Capital Markets boosted their target price on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Scotiabank boosted their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Raymond James raised 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. Finally, Truist Financial boosted their target price on Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price 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.