GAMMA Investing LLC Makes New Investment in Public Storage (NYSE:PSA)

GAMMA Investing LLC bought a new position in shares of Public Storage (NYSE:PSA) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 582 shares of the real estate investment trust’s stock, valued at approximately $165,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Private Ocean LLC boosted its position in Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 109 shares during the period. Centerpoint Advisors LLC bought a new position in Public Storage during the fourth quarter worth about $35,000. Turtle Creek Wealth Advisors LLC bought a new position in Public Storage during the fourth quarter worth about $35,000. Aspire Private Capital LLC boosted 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 worth $38,000 after purchasing an additional 44 shares during the period. Finally, Avior Wealth Management LLC boosted 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 worth $38,000 after purchasing an additional 48 shares during the period. Institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PSA. BMO Capital Markets increased their target price on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. The Goldman Sachs Group raised their price objective on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Barclays initiated coverage on shares of Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research report on Thursday, March 28th. Finally, Scotiabank raised their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Trading Down 0.4 %

Shares of PSA opened at $257.73 on Friday. The firm’s 50 day simple moving average is $278.68 and its 200 day simple moving average is $276.31. The company has a market capitalization of $45.28 billion, a P/E ratio of 23.30, a P/E/G ratio of 3.39 and a beta of 0.54. 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 1-year low of $233.18 and a 1-year high of $312.25.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The company’s revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business posted $4.16 earnings per share. Sell-side analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.66%. The ex-dividend date was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.50%.

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.