SVB Wealth LLC Invests $245,000 in Public Storage (NYSE:PSA)

SVB Wealth LLC acquired a new position in Public Storage (NYSE:PSA) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 803 shares of the real estate investment trust’s stock, valued at approximately $245,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Private Ocean LLC raised its stake in shares of Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 109 shares in the last quarter. Centerpoint Advisors LLC bought a new stake in shares of Public Storage in the 4th quarter worth $35,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Public Storage in the 4th quarter worth $35,000. Avior Wealth Management LLC raised its stake in shares of Public Storage by 49.5% in the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 48 shares in the last quarter. Finally, Aspire Private Capital LLC raised its stake in shares of Public Storage by 44.0% in the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 44 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE PSA opened at $261.44 on Tuesday. The business’s 50-day moving average price is $280.36 and its two-hundred day moving average price is $276.63. 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 has a one year low of $233.18 and a one year high of $312.25. The company has a market capitalization of $45.93 billion, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 3.42 and a beta of 0.54.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 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 firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the firm earned $4.16 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Analysts anticipate that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid 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 yield of 4.59%. Public Storage’s dividend payout ratio (DPR) is currently 108.50%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PSA. Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. The Goldman Sachs Group boosted their target price on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. BMO Capital Markets boosted their target price on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research report on Thursday, March 28th. Finally, Truist Financial upped their price target on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, December 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and an average target price of $305.00.

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.