Naviter Wealth LLC Buys 1,255 Shares of Public Storage (NYSE:PSA)

Naviter Wealth LLC lifted its position in Public Storage (NYSE:PSA) by 16.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 9,002 shares of the real estate investment trust’s stock after purchasing an additional 1,255 shares during the quarter. Naviter Wealth LLC’s holdings in Public Storage were worth $2,746,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Integrated Wealth Concepts LLC grew its position in shares of Public Storage by 16.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock worth $2,567,000 after buying an additional 1,349 shares during the period. The Manufacturers Life Insurance Company increased its stake in Public Storage by 8.0% in the third quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after purchasing an additional 9,223 shares in the last quarter. Raymond James & Associates raised its holdings in Public Storage by 4.3% in the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock worth $34,917,000 after purchasing an additional 4,695 shares during the period. Ellsworth Advisors LLC boosted its position in shares of Public Storage by 615.7% during the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after purchasing an additional 17,036 shares in the last quarter. Finally, 1834 Investment Advisors Co. boosted its position in shares of Public Storage by 115.3% during the fourth quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock worth $5,170,000 after purchasing an additional 9,078 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Scotiabank raised their price objective on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. BMO Capital Markets increased their target price on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $280.00 to $310.00 in a research note on Friday, April 5th. The Goldman Sachs Group upped their price objective on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Performance

Shares of NYSE PSA traded up $5.30 during trading hours on Monday, reaching $263.03. 331,684 shares of the stock were exchanged, compared to its average volume of 716,091. The stock’s fifty day simple moving average is $278.68 and its 200 day simple moving average is $276.34. The firm has a market capitalization of $46.21 billion, a price-to-earnings ratio of 23.30, a P/E/G ratio of 3.38 and a beta of 0.54. 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 quick ratio of 0.62 and a current ratio of 0.62.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the business posted $4.16 EPS. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. Sell-side analysts predict that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.56%. Public Storage’s payout ratio is presently 108.50%.

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.