Signet Financial Management LLC Has $572,000 Stake in Public Storage (NYSE:PSA)

Signet Financial Management LLC increased its holdings in shares of Public Storage (NYSE:PSA) by 3.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,874 shares of the real estate investment trust’s stock after purchasing an additional 69 shares during the quarter. Signet Financial Management LLC’s holdings in Public Storage were worth $572,000 as of its most recent SEC filing.

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

Public Storage Trading Down 1.3 %

Shares of Public Storage stock opened at $262.22 on Wednesday. The firm has a 50-day moving average of $282.12 and a 200-day moving average of $276.57. The stock has a market cap of $46.07 billion, a PE ratio of 23.71, a PEG ratio of 3.49 and a beta of 0.54. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62.

Public Storage (NYSE:PSA) last announced 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 the consensus estimate of $1.14 billion. During the same period in the previous year, the firm posted $4.16 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.58%. Public Storage’s dividend payout ratio is 108.50%.

Analysts Set New Price Targets

A number of analysts have commented on PSA shares. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a research note on Thursday, March 28th. Barclays started coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target for the company. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $280.00 to $310.00 in a research note on Friday, April 5th. The Goldman Sachs Group increased their price target 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. Finally, Scotiabank lifted their target price 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $305.00.

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.