Petredis Investment Advisors LLC Boosts Stock Position in Public Storage (NYSE:PSA)

Petredis Investment Advisors LLC raised its holdings in Public Storage (NYSE:PSA) by 1.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 6,866 shares of the real estate investment trust’s stock after buying an additional 114 shares during the period. Petredis Investment Advisors LLC’s holdings in Public Storage were worth $2,055,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Quent Capital LLC boosted its stake in shares of Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Ameriflex Group Inc. bought a new stake in Public Storage during the 4th quarter valued at about $30,000. Strategic Investment Solutions Inc. IL bought a new stake in Public Storage during the 4th quarter valued at about $32,000. Millstone Evans Group LLC purchased a new position in shares of Public Storage during the fourth quarter worth approximately $38,000. Finally, Parvin Asset Management LLC bought a new stake in shares of Public Storage during the fourth quarter valued at approximately $38,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PSA. Mizuho boosted their price target on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a report on Wednesday, May 28th. Barclays cut their price target on Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. Evercore ISI upped their price objective on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research note on Friday, May 2nd. Bank of America raised their target price on shares of Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Finally, Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a report on Thursday, April 10th. Five research 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $339.25.

Public Storage Stock Down 0.1%

NYSE:PSA opened at $302.65 on Tuesday. The company’s 50-day simple moving average is $295.60 and its 200-day simple moving average is $301.90. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The stock has a market capitalization of $53.09 billion, a P/E ratio of 31.43, a P/E/G ratio of 4.91 and a beta of 0.89.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion during 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%. Public Storage’s revenue was up .1% compared to the same quarter last year. During the same period last year, the firm earned $4.03 earnings per share. On average, equities analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be given a $3.00 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.97%. Public Storage’s payout ratio is 119.17%.

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.