Adell Harriman & Carpenter Inc. Has $375,000 Holdings in Public Storage (NYSE:PSA)

Adell Harriman & Carpenter Inc. increased its position in Public Storage (NYSE:PSA) by 32.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,229 shares of the real estate investment trust’s stock after buying an additional 300 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Public Storage were worth $375,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Private Ocean LLC boosted its stake 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 valued at $34,000 after buying an additional 109 shares during the period. Centerpoint Advisors LLC bought a new position in Public Storage in the fourth quarter worth $35,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $35,000. Aspire Private Capital LLC boosted its stake in 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 purchasing an additional 44 shares in the last quarter. Finally, Rise Advisors LLC boosted its stake in Public Storage by 165.5% during the 4th quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 91 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Down 0.9 %

NYSE:PSA traded down $2.33 during trading hours on Tuesday, hitting $260.60. The stock had a trading volume of 80,066 shares, compared to its average volume of 714,651. The business has a 50 day simple moving average of $278.31 and a two-hundred day simple moving average of $276.27. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. The company has a market cap of $45.78 billion, a PE ratio of 23.77, a price-to-earnings-growth ratio of 3.38 and a beta of 0.54.

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 the consensus estimate of $4.15 by ($1.94). The firm 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 business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the firm earned $4.16 EPS. Analysts predict that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued 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 4.60%. Public Storage’s dividend payout ratio is presently 108.50%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price objective 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. BMO Capital Markets upped their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Scotiabank increased their price target on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Finally, Raymond James raised 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 note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.