Adell Harriman & Carpenter Inc. Boosts Stake in Public Storage (NYSE:PSA)

Adell Harriman & Carpenter Inc. boosted its stake in shares of Public Storage (NYSE:PSA) by 32.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,229 shares of the real estate investment trust’s stock after purchasing an additional 300 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Public Storage were worth $375,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Private Ocean LLC grew its stake in shares of Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares during the period. Centerpoint Advisors LLC bought a new stake in shares of Public Storage in the fourth quarter valued at approximately $35,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Public Storage during the 4th quarter valued at approximately $35,000. Aspire Private Capital LLC boosted its holdings 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 worth $38,000 after buying an additional 44 shares during the period. Finally, Rise Advisors LLC grew its stake in Public Storage by 165.5% in the 4th quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 91 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 0.9 %

Shares of NYSE:PSA traded down $2.33 on Tuesday, hitting $260.60. 80,066 shares of the company traded hands, compared to its average volume of 714,651. The stock has a 50 day simple moving average of $278.31 and a 200-day simple moving average of $276.27. Public Storage has a 52 week low of $233.18 and a 52 week high of $312.25. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The company has a market cap of $45.78 billion, a PE ratio of 23.77, a PEG ratio of 3.38 and a beta of 0.54.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the company earned $4.16 earnings per share. Public Storage’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective for the company. Scotiabank upped their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. Barclays initiated coverage on shares of Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 target price on the stock. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Finally, Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a report on Thursday, March 28th. One 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 assigned a strong buy rating to the company. Based on data from MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and a consensus price target of $305.00.

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.