Spectrum Wealth Counsel LLC Makes New $30,000 Investment in Public Storage (NYSE:PSA)

Spectrum Wealth Counsel LLC bought a new position in Public Storage (NYSE:PSA) in the first quarter, HoldingsChannel reports. The fund bought 100 shares of the real estate investment trust’s stock, valued at approximately $30,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Shum Financial Group Inc. increased its stake in shares of Public Storage by 1.7% during the 1st quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust’s stock worth $625,000 after purchasing an additional 35 shares during the last quarter. Lido Advisors LLC increased its stake in shares of Public Storage by 0.9% during the 4th quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust’s stock worth $1,287,000 after purchasing an additional 39 shares during the last quarter. Integrated Advisors Network LLC increased its stake in shares of Public Storage by 1.4% during the 4th quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust’s stock worth $918,000 after purchasing an additional 41 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in shares of Public Storage by 3.2% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,313 shares of the real estate investment trust’s stock worth $393,000 after purchasing an additional 41 shares during the last quarter. Finally, Winch Advisory Services LLC increased its stake in shares of Public Storage by 39.8% during the 1st quarter. Winch Advisory Services LLC now owns 151 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 43 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE PSA opened at $287.70 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market capitalization of $50.47 billion, a price-to-earnings ratio of 28.57, a P/E/G ratio of 4.19 and a beta of 0.86. The company’s fifty day moving average is $295.05 and its two-hundred day moving average is $296.05. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business posted $4.03 EPS. Equities research analysts forecast 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. Shareholders of record on Thursday, June 12th were given a $3.00 dividend. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.17%. Public Storage’s dividend payout ratio is 119.17%.

Analysts Set New Price Targets

Several research analysts have recently commented on PSA shares. 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. Bank of America increased their price target on shares of Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Mizuho increased 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. Royal Bank Of Canada dropped 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 research note on Friday, May 2nd. Finally, BNP Paribas upgraded shares of Public Storage to a “strong-buy” rating in a research note on Tuesday, June 24th. Six equities research 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 company’s stock. According to data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average price target of $336.93.

Public Storage Company 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.