Ascent Group LLC Purchases 231 Shares of Public Storage (NYSE:PSA)

Ascent Group LLC raised its stake in Public Storage (NYSE:PSA) by 36.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 870 shares of the real estate investment trust’s stock after purchasing an additional 231 shares during the quarter. Ascent Group LLC’s holdings in Public Storage were worth $261,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of PSA. Quent Capital LLC increased its holdings in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Public Storage in the 4th quarter valued at $32,000. Synergy Asset Management LLC bought a new stake in Public Storage in the 4th quarter valued at $38,000. Millstone Evans Group LLC bought a new stake in Public Storage in the 4th quarter valued at $38,000. Finally, Parvin Asset Management LLC bought a new stake in Public Storage in the 4th quarter valued at $38,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a report on Thursday, April 10th. Evercore ISI boosted their target price on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a report on Friday, May 2nd. Royal Bank of Canada reduced their target price on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a report on Friday, May 2nd. Wells Fargo & Company reduced their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Finally, Mizuho initiated coverage on shares of Public Storage in a report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 target price on the stock. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $337.42.

Public Storage Price Performance

PSA stock opened at $300.30 on Wednesday. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a 50-day moving average price of $293.81 and a 200 day moving average price of $304.03. The stock has a market cap of $52.68 billion, a PE ratio of 31.18, a P/E/G ratio of 4.91 and a beta of 0.91.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping 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 firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the company earned $4.03 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. Equities research analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.00%. Public Storage’s dividend payout ratio is presently 119.17%.

Public Storage 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.