Azzad Asset Management Inc. ADV Has $1.43 Million Stake in Public Storage (NYSE:PSA)

Azzad Asset Management Inc. ADV grew its holdings in Public Storage (NYSE:PSA) by 1.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,777 shares of the real estate investment trust’s stock after acquiring an additional 81 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Public Storage were worth $1,430,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Ameriflex Group Inc. bought a new stake in Public Storage during the 4th quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Public Storage during the fourth quarter worth $32,000. Millstone Evans Group LLC acquired a new stake in shares of Public Storage during the fourth quarter worth $38,000. Parvin Asset Management LLC bought a new stake in Public Storage in the 4th quarter valued at $38,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Public Storage in the 4th quarter worth $43,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on PSA. Scotiabank boosted their price target on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a report on Monday, May 12th. Mizuho boosted their target price on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. Evercore ISI upped their price target on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research report on Friday, May 2nd. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a report on Thursday, April 10th. Finally, Wells Fargo & Company reduced their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $339.25.

Public Storage Stock Down 0.6%

Shares of PSA stock opened at $294.85 on Friday. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The stock has a market cap of $51.73 billion, a price-to-earnings ratio of 30.62, a PEG ratio of 4.91 and a beta of 0.89. The firm’s 50-day moving average is $297.10 and its 200-day moving average is $300.81. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the company earned $4.03 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. Sell-side analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.07%. Public Storage’s dividend payout ratio (DPR) is 119.17%.

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.