Edgemoor Investment Advisors Inc. Boosts Position in Public Storage (NYSE:PSA)

Edgemoor Investment Advisors Inc. lifted its holdings in shares of Public Storage (NYSE:PSA) by 6.3% in the 1st quarter, Holdings Channel reports. The firm owned 28,074 shares of the real estate investment trust’s stock after acquiring an additional 1,666 shares during the period. Edgemoor Investment Advisors Inc.’s holdings in Public Storage were worth $8,402,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Public Storage by 12.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust’s stock valued at $13,240,000 after buying an additional 4,746 shares during the period. Brighton Jones LLC boosted its position in shares of Public Storage by 9.7% during the first quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust’s stock valued at $517,000 after buying an additional 152 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Public Storage by 1.2% during the first quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust’s stock valued at $92,960,000 after buying an additional 3,627 shares during the last quarter. Private Trust Co. NA boosted its position in Public Storage by 228.1% in the first quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust’s stock worth $640,000 after purchasing an additional 1,487 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its position in Public Storage by 43.3% in the first quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust’s stock worth $1,083,000 after purchasing an additional 1,093 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE:PSA opened at $284.09 on Monday. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $49.84 billion, a P/E ratio of 28.21, a PEG ratio of 4.14 and a beta of 0.86. The firm’s 50 day moving average is $296.64 and its two-hundred day moving average is $296.37.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the business earned $4.03 EPS. Public Storage’s quarterly revenue was up .1% compared to the same quarter last year. Analysts anticipate that Public Storage will post 16.7 earnings per share 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 paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.22%. Public Storage’s dividend payout ratio (DPR) is currently 119.17%.

Wall Street Analyst Weigh In

PSA has been the topic of a number of research reports. BNP Paribas Exane started coverage on Public Storage in a research note on Tuesday, June 24th. They issued an “outperform” rating and a $331.00 price objective on the stock. Truist Financial upgraded Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research note on Thursday, April 10th. Evercore ISI increased their price objective on Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. Royal Bank Of Canada dropped their target price on Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a report on Friday, May 2nd. Finally, Mizuho raised their target price on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research report on Wednesday, May 28th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $337.64.

About Public Storage

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.