Public Storage (NYSE:PSA) Shares Acquired by Syon Capital LLC

Syon Capital LLC boosted its position in shares of Public Storage (NYSE:PSA) by 11.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,005 shares of the real estate investment trust’s stock after acquiring an additional 106 shares during the period. Syon Capital LLC’s holdings in Public Storage were worth $306,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC grew its holdings in Public Storage by 16.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock worth $2,567,000 after acquiring an additional 1,349 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Public Storage by 8.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock worth $32,638,000 after acquiring an additional 9,223 shares in the last quarter. Raymond James & Associates grew its holdings in Public Storage by 4.3% during the 4th quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock worth $34,917,000 after acquiring an additional 4,695 shares in the last quarter. Ellsworth Advisors LLC grew its holdings in Public Storage by 615.7% during the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after acquiring an additional 17,036 shares in the last quarter. Finally, 1834 Investment Advisors Co. grew its holdings in Public Storage by 115.3% during the 4th quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock worth $5,170,000 after acquiring an additional 9,078 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of recent research reports. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. The Goldman Sachs Group raised their price target on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Barclays initiated coverage on shares of Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target on the stock. Finally, BMO Capital Markets raised their price target 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. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Trading Down 0.4 %

Shares of NYSE:PSA opened at $257.73 on Friday. The company has a market cap of $45.28 billion, a PE ratio of 23.30, a P/E/G ratio of 3.38 and a beta of 0.54. The company’s 50-day moving average price is $278.68 and its 200 day moving average price is $276.34. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate 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 45.34% and a return on equity of 35.31%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $4.16 EPS. Sell-side analysts anticipate that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.66%. Public Storage’s payout ratio is 108.50%.

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.