Ethic Inc. Has $4.52 Million Stake in Public Storage (NYSE:PSA)

Ethic Inc. increased its position in shares of Public Storage (NYSE:PSA) by 21.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,093 shares of the real estate investment trust’s stock after acquiring an additional 2,618 shares during the period. Ethic Inc.’s holdings in Public Storage were worth $4,520,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quent Capital LLC increased its stake in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in Public Storage in the 4th quarter valued at approximately $32,000. Synergy Asset Management LLC bought a new position in shares of Public Storage during the fourth quarter valued at $38,000. Millstone Evans Group LLC acquired a new position in shares of Public Storage during the fourth quarter worth $38,000. Finally, Parvin Asset Management LLC bought a new stake in shares of Public Storage in the fourth quarter worth $38,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Barclays reaffirmed an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Mizuho assumed coverage on Public Storage in a research note on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price objective on the stock. Evercore ISI increased their target price on shares of Public Storage from $297.00 to $309.00 and gave the company 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 target on the stock in a research report on Thursday, April 10th. Finally, Bank of America upgraded shares of Public Storage from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $349.00 to $368.00 in a research report on Tuesday, April 22nd. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $333.75.

Public Storage Trading Up 1.1 %

NYSE:PSA opened at $303.93 on Friday. The firm has a fifty day simple moving average of $294.18 and a two-hundred day simple moving average of $306.67. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The stock has a market capitalization of $53.31 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 4.91 and a beta of 0.91. 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 (NYSE:PSA) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating analysts’ consensus estimates of $4.06 by $0.06. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company posted $4.03 EPS. The firm’s revenue was up .1% compared to the same quarter last year. Analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s dividend payout ratio is currently 119.17%.

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.