IRON Financial LLC Purchases New Stake in Public Storage (NYSE:PSA)

IRON Financial LLC purchased a new stake in Public Storage (NYSE:PSA) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 743 shares of the real estate investment trust’s stock, valued at approximately $222,000.

Several other hedge funds have also bought and sold shares of PSA. Cohen & Steers Inc. boosted its holdings in Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after acquiring an additional 592,944 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Public Storage by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock worth $1,197,769,000 after acquiring an additional 78,472 shares during the last quarter. Norges Bank purchased a new position in Public Storage during the 4th quarter worth $931,286,000. Northern Trust Corp boosted its holdings in Public Storage by 43.4% during 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 acquiring an additional 749,913 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Public Storage by 10.3% during 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 worth $509,803,000 after acquiring an additional 158,665 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

PSA has been the topic of a number of analyst reports. Bank of America lifted their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. 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. Scotiabank boosted their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a report on Monday, May 12th. Mizuho boosted their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a report on Wednesday, May 28th. Finally, Evercore ISI boosted their price target 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. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $337.64.

Public Storage Trading Up 0.5%

Shares of Public Storage stock opened at $290.00 on Monday. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The stock’s 50-day simple moving average is $298.55 and its 200 day simple moving average is $297.54. The stock has a market capitalization of $50.87 billion, a P/E ratio of 28.80, a P/E/G ratio of 4.19 and a beta of 0.89. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55.

Public Storage (NYSE:PSA) last announced its quarterly earnings data 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. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the business posted $4.03 EPS. The firm’s quarterly revenue was up .1% compared to the same quarter last year. As a group, research analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend was Thursday, June 12th. 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.