Wellington Shields & Co. LLC Makes New $239,000 Investment in Public Storage (NYSE:PSA)

Wellington Shields & Co. LLC purchased a new stake in Public Storage (NYSE:PSA) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 800 shares of the real estate investment trust’s stock, valued at approximately $239,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Public Storage by 12.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust’s stock valued at $13,240,000 after purchasing an additional 4,746 shares during the last quarter. Brighton Jones LLC lifted its holdings in Public Storage by 9.7% in the first quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust’s stock valued at $517,000 after buying an additional 152 shares during the period. Asset Management One Co. Ltd. boosted its stake in Public Storage by 1.2% in the first quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust’s stock valued at $92,960,000 after acquiring an additional 3,627 shares during the last quarter. Private Trust Co. NA grew its holdings in Public Storage by 228.1% during the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust’s stock worth $640,000 after acquiring an additional 1,487 shares during the period. Finally, Summit Trail Advisors LLC raised its position in shares of Public Storage by 43.3% during the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust’s stock valued at $1,083,000 after acquiring an additional 1,093 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

PSA opened at $288.91 on Thursday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. The company has a market capitalization of $50.68 billion, a price-to-earnings ratio of 28.69, a P/E/G ratio of 4.26 and a beta of 0.86. The business’s 50-day moving average price is $294.16 and its two-hundred day moving average price is $295.97. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99.

Public Storage (NYSE:PSA) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating the consensus estimate of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.23 EPS. Equities analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date was Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is currently 119.17%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wells Fargo & Company reduced their price target on Public Storage from $330.00 to $320.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 23rd. Bank of America boosted their target price on Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. 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. Royal Bank Of Canada reduced their price objective on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research note on Friday, May 2nd. Finally, Mizuho upped their target price on shares of Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $336.93.

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.