Public Storage (NYSE:PSA) Holdings Boosted by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC boosted its position in shares of Public Storage (NYSE:PSA) by 3.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,588 shares of the real estate investment trust’s stock after purchasing an additional 58 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Public Storage were worth $475,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Public Storage by 5.0% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock worth $16,089,000 after purchasing an additional 2,566 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Public Storage by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock worth $40,926,000 after purchasing an additional 31,662 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in shares of Public Storage during the 4th quarter valued at $395,000. Aew Capital Management L P increased its stake in shares of Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after acquiring an additional 228,740 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its stake in shares of Public Storage by 53.5% in the fourth quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust’s stock worth $5,759,000 after acquiring an additional 6,706 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PSA shares. Evercore ISI upped their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research note on Friday, May 2nd. Mizuho upped their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. Barclays dropped their price target on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. Wells Fargo & Company dropped their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a research note on Thursday, April 10th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.25.

Public Storage Trading Up 0.4%

Public Storage stock opened at $309.53 on Tuesday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $54.30 billion, a price-to-earnings ratio of 32.14, a PEG ratio of 4.91 and a beta of 0.91. Public Storage has a one year low of $256.60 and a one year high of $369.99. The company’s fifty day moving average price is $294.98 and its two-hundred day moving average price is $303.06.

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

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.88%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio is currently 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.