Formidable Asset Management LLC Raises Stock Position in Public Storage (NYSE:PSA)

Formidable Asset Management LLC grew its holdings in Public Storage (NYSE:PSA) by 11.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 3,409 shares of the real estate investment trust’s stock after purchasing an additional 346 shares during the quarter. Formidable Asset Management LLC’s holdings in Public Storage were worth $1,021,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. GF Fund Management CO. LTD. purchased a new position in shares of Public Storage in the 4th quarter valued at $857,000. CTC Alternative Strategies Ltd. purchased a new position in shares of Public Storage in the 4th quarter valued at $273,000. Helium Advisors LLC purchased a new position in shares of Public Storage in the 4th quarter valued at $225,000. Highview Capital Management LLC DE raised its stake in shares of Public Storage by 3.5% in the 4th quarter. Highview Capital Management LLC DE now owns 4,107 shares of the real estate investment trust’s stock valued at $1,230,000 after acquiring an additional 140 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Public Storage by 10.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust’s stock valued at $509,803,000 after acquiring an additional 158,665 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA opened at $296.74 on Friday. The company’s 50 day moving average price is $293.70 and its 200 day moving average price is $304.70. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a market capitalization of $52.06 billion, a PE ratio of 30.81, a PEG ratio of 4.91 and a beta of 0.91. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

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

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s payout ratio is 119.17%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PSA shares. Wells Fargo & Company lowered their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a 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 report on Thursday, April 10th. Barclays lowered their price target on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Bank of America raised their price target on shares of Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Finally, Royal Bank of Canada lowered their price target on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $337.42.

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.