Parkside Financial Bank & Trust Boosts Stake in Public Storage (NYSE:PSA)

Parkside Financial Bank & Trust raised its position in Public Storage (NYSE:PSA) by 20.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 380 shares of the real estate investment trust’s stock after purchasing an additional 65 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Public Storage were worth $116,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Private Ocean LLC grew its stake in 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 acquiring an additional 109 shares in the last quarter. Centerpoint Advisors LLC purchased a new position in shares of Public Storage during the fourth quarter worth $35,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Public Storage during the fourth quarter valued at $35,000. Avior Wealth Management LLC grew its position in Public Storage by 49.5% during the third quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 48 shares during the period. Finally, Aspire Private Capital LLC grew its position in Public Storage by 44.0% during the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 44 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSA has been the topic of a number of recent research reports. Barclays initiated coverage on shares of Public Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target on the stock. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. The Goldman Sachs Group lifted their target price on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. Finally, BMO Capital Markets lifted their target price on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Price Performance

Public Storage stock opened at $262.17 on Thursday. The company’s 50 day simple moving average is $279.71 and its 200-day simple moving average is $276.52. The company has a market capitalization of $46.06 billion, a price-to-earnings ratio of 23.70, a price-to-earnings-growth ratio of 3.44 and a beta of 0.54. Public Storage has a 1 year low of $233.18 and a 1 year 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 released its quarterly 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). The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. Public Storage’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the firm posted $4.16 earnings per share. As a group, equities research analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

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

About Public Storage

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.