Ellsworth Advisors LLC Has $6.04 Million Stake in Public Storage (NYSE:PSA)

Ellsworth Advisors LLC lifted its holdings in Public Storage (NYSE:PSA) by 615.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 19,803 shares of the real estate investment trust’s stock after buying an additional 17,036 shares during the period. Public Storage comprises approximately 1.9% of Ellsworth Advisors LLC’s holdings, making the stock its 7th largest position. Ellsworth Advisors LLC’s holdings in Public Storage were worth $6,040,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Sunbelt Securities Inc. bought a new position in shares of Public Storage in the 1st quarter worth about $26,000. ICA Group Wealth Management LLC bought a new position in shares of Public Storage in the 4th quarter worth about $29,000. Centerpoint Advisors LLC bought a new position in shares of Public Storage in the 4th quarter worth about $35,000. Live Oak Investment Partners bought a new stake in Public Storage in the 4th quarter valued at about $34,000. Finally, Aspire Private Capital LLC increased its position in Public Storage by 44.0% in the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 44 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the company. Scotiabank boosted their target price on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. BMO Capital Markets boosted their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Raymond James raised 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. Truist Financial lifted their price target on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, December 28th. Finally, Barclays started coverage on Public Storage in a research note on Wednesday. They set an “overweight” rating and a $330.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $302.50.

Public Storage Stock Performance

NYSE PSA traded up $1.96 during trading hours on Friday, reaching $290.06. 841,389 shares of the company were exchanged, compared to its average volume of 776,433. The stock has a market capitalization of $50.96 billion, a P/E ratio of 26.23, a P/E/G ratio of 3.78 and a beta of 0.54. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 1 year low of $233.18 and a 1 year high of $316.48. The business’s 50 day simple moving average is $283.93 and its 200-day simple moving average is $275.36.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.16 EPS. On average, equities research analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently announced 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 of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.14%. Public Storage’s payout ratio is presently 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.