Forte Capital LLC ADV Has $2.90 Million Stock Position in Public Storage (NYSE:PSA)

Forte Capital LLC ADV lifted its holdings in Public Storage (NYSE:PSA) by 31.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,517 shares of the real estate investment trust’s stock after acquiring an additional 2,286 shares during the quarter. Forte Capital LLC ADV’s holdings in Public Storage were worth $2,903,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSA. Commonwealth Equity Services LLC raised its position in shares of Public Storage by 3.3% during the third quarter. Commonwealth Equity Services LLC now owns 41,348 shares of the real estate investment trust’s stock worth $10,896,000 after acquiring an additional 1,303 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of Public Storage by 4.0% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 15,436 shares of the real estate investment trust’s stock worth $4,068,000 after buying an additional 599 shares during the period. Raymond James & Associates raised its stake in shares of Public Storage by 38.8% during the third quarter. Raymond James & Associates now owns 109,787 shares of the real estate investment trust’s stock worth $28,931,000 after buying an additional 30,673 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Public Storage by 14.6% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 55,656 shares of the real estate investment trust’s stock valued at $14,666,000 after buying an additional 7,111 shares during the period. Finally, Stratos Wealth Partners LTD. lifted its holdings in Public Storage by 22.5% in the third quarter. Stratos Wealth Partners LTD. now owns 2,168 shares of the real estate investment trust’s stock valued at $571,000 after buying an additional 398 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PSA has been the subject of several recent research reports. Barclays began coverage on shares of Public Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price for the company. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a research report on Thursday, March 28th. Scotiabank upped their price target on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective on the stock. Finally, BMO Capital Markets upped their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. One 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Stock Up 0.7 %

Shares of Public Storage stock traded up $1.83 during trading on Friday, reaching $265.76. The stock had a trading volume of 662,239 shares, compared to its average volume of 697,055. The company has a current ratio of 0.54, a quick ratio of 0.62 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $46.69 billion, a price-to-earnings ratio of 24.14, a P/E/G ratio of 3.49 and a beta of 0.57. The stock has a fifty day moving average price of $276.44 and a two-hundred day moving average price of $275.92. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The company’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. Sell-side analysts predict that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.52%. Public Storage’s payout ratio is currently 108.99%.

Public Storage Company 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.