Tyche Wealth Partners LLC Makes New Investment in Public Storage (NYSE:PSA)

Tyche Wealth Partners LLC purchased a new stake in Public Storage (NYSE:PSA) during the first quarter, according to its most recent filing with the SEC. The firm purchased 770 shares of the real estate investment trust’s stock, valued at approximately $230,000.

Several other large investors have also recently made changes to their positions in the stock. Cohen & Steers Inc. boosted its position in Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock valued at $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Public Storage by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock valued at $1,197,769,000 after buying an additional 78,472 shares in the last quarter. Norges Bank purchased a new position in shares of Public Storage in the 4th quarter worth approximately $931,286,000. Northern Trust Corp grew its position in shares of Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock worth $741,592,000 after buying an additional 749,913 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Public Storage by 10.3% during the fourth 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 last quarter. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on PSA shares. Royal Bank Of Canada cut their price target 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. Barclays dropped their target price on Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. BNP Paribas Exane began coverage on Public Storage in a report on Tuesday. They issued an “outperform” rating and a $331.00 price target for the company. Evercore ISI boosted their price target on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research note on Friday, May 2nd. Finally, BNP Paribas raised shares of Public Storage to a “strong-buy” rating in a research report on Tuesday. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $337.64.

Public Storage Price Performance

Shares of NYSE PSA opened at $289.69 on Thursday. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The business’s 50 day moving average price is $298.81 and its 200 day moving average price is $298.47. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The firm has a market cap of $50.82 billion, a P/E ratio of 28.77, a P/E/G ratio of 4.28 and a beta of 0.89.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating the consensus estimate of $4.06 by $0.06. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the business posted $4.03 EPS. On average, sell-side analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.14%. The ex-dividend date is Thursday, June 12th. Public Storage’s payout ratio is 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.