Naviter Wealth LLC Has $2.75 Million Stock Holdings in Public Storage (NYSE:PSA)

Naviter Wealth LLC grew its holdings in shares of Public Storage (NYSE:PSA) by 16.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,002 shares of the real estate investment trust’s stock after buying an additional 1,255 shares during the quarter. Naviter Wealth LLC’s holdings in Public Storage were worth $2,746,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in Public Storage by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after purchasing an additional 729,262 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Public Storage by 22.4% in the 3rd 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 buying an additional 451,864 shares during the last quarter. Northern Trust Corp lifted its stake in Public Storage by 2.8% during the 3rd quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock valued at $609,253,000 after acquiring an additional 63,289 shares in the last quarter. Morgan Stanley boosted its holdings in Public Storage by 0.8% during the 3rd quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after acquiring an additional 13,864 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Public Storage by 6.5% during the 3rd quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock worth $350,540,000 after acquiring an additional 80,784 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $280.00 to $310.00 in a research report on Friday, April 5th. 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 note on Monday, March 18th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a report on Thursday, March 28th. Barclays started coverage on Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Price Performance

Shares of PSA traded up $5.30 during midday trading on Monday, hitting $263.03. 331,684 shares of the company traded hands, compared to its average volume of 716,091. Public Storage has a one year low of $233.18 and a one year high of $312.25. The firm has a market cap of $46.21 billion, a P/E ratio of 23.30, a PEG ratio of 3.38 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. The stock has a 50-day moving average of $278.68 and a 200-day moving average of $276.34.

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

Public Storage Dividend Announcement

The firm also recently announced 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. This represents a $12.00 annualized dividend and a yield of 4.56%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio 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.