Synergy Asset Management LLC Takes Position in Public Storage (NYSE:PSA)

Synergy Asset Management LLC acquired a new stake in shares of Public Storage (NYSE:PSAFree Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 15,913 shares of the real estate investment trust’s stock, valued at approximately $4,853,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Sunbelt Securities Inc. bought a new position in shares of Public Storage during the 1st quarter valued at $26,000. ICA Group Wealth Management LLC bought a new position in shares of Public Storage during the 4th quarter valued at $29,000. Live Oak Investment Partners bought a new position in shares of Public Storage during the 4th quarter valued at $34,000. Centerpoint Advisors LLC bought a new position in shares of Public Storage during the 4th quarter valued at $35,000. Finally, Avior Wealth Management LLC grew its holdings in shares of Public Storage by 49.5% during the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

PSA opened at $290.06 on Friday. The firm has a market cap of $50.96 billion, a P/E ratio of 26.23, a PEG ratio of 3.80 and a beta of 0.54. Public Storage has a 1-year low of $233.18 and a 1-year high of $316.48. The company has a 50 day simple moving average of $283.87 and a two-hundred day simple moving average of $275.55. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62.

Public Storage (NYSE:PSAGet Free Report) last posted its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the company earned $4.16 earnings per share. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts forecast that Public Storage will post 16.93 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.50%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PSA shares. Barclays started coverage on shares of Public Storage in a report on Wednesday. They issued an “overweight” rating and a $330.00 price target on the stock. Truist Financial raised their price target on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. Scotiabank raised their price target on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Wells Fargo & Company lowered shares of Public Storage from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $270.00 to $280.00 in a research note on Tuesday, December 12th. Finally, The Goldman Sachs Group lifted their target price on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $302.50.

Check Out Our Latest Stock Analysis on PSA

Public Storage Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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