Nilsine Partners LLC Increases Position in Public Storage (NYSE:PSA)

Nilsine Partners LLC lifted its holdings in Public Storage (NYSE:PSA) by 56.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,193 shares of the real estate investment trust’s stock after buying an additional 432 shares during the period. Nilsine Partners LLC’s holdings in Public Storage were worth $346,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSA. EverSource Wealth Advisors LLC boosted its stake in shares of Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares during the last quarter. Core Wealth Advisors Inc. purchased a new position in shares of Public Storage in the 4th quarter worth approximately $30,000. EdgeRock Capital LLC purchased a new position in shares of Public Storage in the 4th quarter worth approximately $32,000. Private Ocean LLC boosted its stake in shares of Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 109 shares during the last quarter. Finally, Centerpoint Advisors LLC purchased a new position in shares of Public Storage in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the topic of several research analyst reports. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research note on Thursday, March 28th. BMO Capital Markets upped their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. 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, Scotiabank upped their price objective 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Stock Performance

Shares of NYSE:PSA traded down $3.48 during trading on Tuesday, hitting $259.45. 934,347 shares of the company were exchanged, compared to its average volume of 725,064. The company has a market cap of $45.58 billion, a PE ratio of 23.46, a P/E/G ratio of 3.38 and a beta of 0.54. The stock has a 50 day moving average of $277.82 and a 200 day moving average of $276.18. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share 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 return on equity of 35.31% and a net margin of 45.34%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $4.16 EPS. As a group, equities research analysts predict that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were issued a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.63%. Public Storage’s payout ratio is currently 108.50%.

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.