NewEdge Wealth LLC Has $731,000 Stake in Public Storage (NYSE:PSA)

NewEdge Wealth LLC decreased its position in shares of Public Storage (NYSE:PSA) by 6.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,396 shares of the real estate investment trust’s stock after selling 158 shares during the period. NewEdge Wealth LLC’s holdings in Public Storage were worth $731,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PSA. Geode Capital Management LLC boosted its position in Public Storage by 3.6% in the 1st quarter. Geode Capital Management LLC now owns 3,742,458 shares of the real estate investment trust’s stock valued at $1,131,364,000 after buying an additional 129,555 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after acquiring an additional 729,262 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Public Storage by 63.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust’s stock worth $832,580,000 after acquiring an additional 1,071,347 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Public Storage by 22.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock worth $633,949,000 after acquiring an additional 451,864 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Public Storage during the fourth quarter worth $670,512,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PSA shares. Barclays started coverage on Public Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price for the company. Scotiabank boosted their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price for the company. The Goldman Sachs Group lifted their price objective on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Finally, BMO Capital Markets lifted their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Stock Down 1.3 %

NYSE:PSA opened at $262.22 on Wednesday. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. The stock has a market cap of $46.07 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 3.49 and a beta of 0.54. The stock has a 50-day moving average price of $282.12 and a two-hundred day moving average price of $276.57.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the firm posted $4.16 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. As a group, equities analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were issued a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.58%. Public Storage’s dividend payout ratio (DPR) is 108.50%.

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.