Sowell Financial Services LLC Acquires New Shares in Public Storage (NYSE:PSA)

Sowell Financial Services LLC bought a new stake in shares of Public Storage (NYSE:PSA) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 8,154 shares of the real estate investment trust’s stock, valued at approximately $2,440,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Ameriflex Group Inc. purchased a new stake in shares of Public Storage during the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL purchased a new position in Public Storage in the 4th quarter worth about $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage during the 1st quarter valued at about $36,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at about $38,000. Finally, Parvin Asset Management LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at about $38,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.1%

Public Storage stock opened at $294.60 on Tuesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The firm has a market capitalization of $51.68 billion, a price-to-earnings ratio of 30.59, a P/E/G ratio of 4.91 and a beta of 0.89. The firm has a 50 day moving average of $297.68 and a 200 day moving average of $300.09.

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

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio is currently 119.17%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PSA. Wells Fargo & Company lowered their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a report on Thursday, April 10th. Evercore ISI raised their price target on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research note on Friday, May 2nd. Barclays reduced their price objective on Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Finally, Bank of America raised their target price on Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $339.25.

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.