Focus Financial Network Inc. Purchases New Position in Public Storage (NYSE:PSA)

Focus Financial Network Inc. purchased a new stake in Public Storage (NYSE:PSA) in the 1st quarter, HoldingsChannel reports. The firm purchased 669 shares of the real estate investment trust’s stock, valued at approximately $200,000.

Other large investors have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. bought a new stake in Public Storage during the fourth quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL bought a new stake in Public Storage during the fourth quarter worth approximately $32,000. Millstone Evans Group LLC bought a new stake in Public Storage during the fourth quarter worth approximately $38,000. Parvin Asset Management LLC bought a new stake in Public Storage during the fourth quarter worth approximately $38,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Public Storage during the fourth quarter worth approximately $43,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE PSA opened at $294.85 on Friday. The business has a fifty day simple moving average of $297.10 and a 200 day simple moving average of $300.81. 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 firm has a market capitalization of $51.73 billion, a price-to-earnings ratio of 30.62, a PEG ratio of 4.91 and a beta of 0.89. Public Storage has a one year low of $256.60 and a one year high of $369.99.

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

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.07%. Public Storage’s payout ratio is 119.17%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PSA. Royal Bank of Canada decreased their target price on Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. Wells Fargo & Company decreased their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research report on Thursday, April 10th. Scotiabank increased their price objective on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research report on Monday, May 12th. Finally, Mizuho increased their price objective on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research report on Wednesday, May 28th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $339.25.

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.