AJOVista LLC Buys New Stake in Public Storage (NYSE:PSA)

AJOVista LLC bought a new stake in Public Storage (NYSE:PSA) during the fourth quarter, Holdings Channel.com reports. The fund bought 668 shares of the real estate investment trust’s stock, valued at approximately $204,000.

Other hedge funds have also recently modified their holdings of the company. Integrated Wealth Concepts LLC grew its position in Public Storage by 16.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock worth $2,567,000 after purchasing an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Public Storage by 8.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock worth $32,638,000 after purchasing an additional 9,223 shares during the last quarter. Raymond James & Associates grew its position in Public Storage by 4.3% during the 4th quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock worth $34,917,000 after purchasing an additional 4,695 shares during the last quarter. Ellsworth Advisors LLC grew its position in Public Storage by 615.7% during the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after purchasing an additional 17,036 shares during the last quarter. Finally, 1834 Investment Advisors Co. grew its position in Public Storage by 115.3% during the 4th quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock worth $5,170,000 after purchasing an additional 9,078 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSA has been the topic of several research reports. Barclays assumed coverage on shares of Public Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price objective on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price for the company. Scotiabank raised their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. BMO Capital Markets raised 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. Finally, The Goldman Sachs Group raised 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Price Performance

PSA traded up $1.83 during midday trading on Friday, reaching $265.76. 662,239 shares of the company’s stock were exchanged, compared to its average volume of 697,055. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.62. The stock has a market capitalization of $46.69 billion, a PE ratio of 24.14, a P/E/G ratio of 3.49 and a beta of 0.57. The business’s 50-day moving average price is $276.44 and its 200 day moving average price is $275.92. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25.

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). The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The business’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.16 EPS. As a group, equities analysts anticipate 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. Shareholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is currently 108.99%.

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.