Public Storage (NYSE:PSA) Shares Bought by Spinnaker Trust

Spinnaker Trust lifted its holdings in shares of Public Storage (NYSE:PSA) by 1,785.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 19,003 shares of the real estate investment trust’s stock after acquiring an additional 17,995 shares during the period. Spinnaker Trust’s holdings in Public Storage were worth $5,796,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Private Ocean LLC raised its stake in Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 109 shares in the last quarter. Centerpoint Advisors LLC acquired a new position in shares of Public Storage during the fourth quarter valued at $35,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Public Storage during the fourth quarter valued at about $35,000. Aspire Private Capital LLC lifted its holdings in Public Storage by 44.0% in the third 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 during the period. Finally, Avior Wealth Management LLC grew its position in Public Storage by 49.5% in the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 48 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Down 0.4 %

Shares of NYSE PSA traded down $0.95 during mid-day trading on Friday, hitting $257.73. 576,484 shares of the company traded hands, compared to its average volume of 720,981. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The stock has a market capitalization of $45.28 billion, a price-to-earnings ratio of 23.30, a PEG ratio of 3.44 and a beta of 0.54. The business has a 50 day moving average of $278.68 and a two-hundred day moving average of $276.31.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 45.34% and a return on equity of 35.31%. Public Storage’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company posted $4.16 earnings per share. On average, sell-side analysts anticipate that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared 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 4.66%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Scotiabank boosted their price target on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report 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 on the stock in a report on Thursday, March 28th. Barclays began coverage on Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 target price for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective on the stock. Finally, The Goldman Sachs Group raised their target price on Public Storage from $307.00 to $340.00 and gave the company 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 given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

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.