ICW Investment Advisors LLC Grows Holdings in Public Storage (NYSE:PSA)

ICW Investment Advisors LLC grew its stake in Public Storage (NYSE:PSA) by 2.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 3,682 shares of the real estate investment trust’s stock after acquiring an additional 88 shares during the period. ICW Investment Advisors LLC’s holdings in Public Storage were worth $1,123,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after buying an additional 729,262 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Public Storage by 22.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock worth $633,949,000 after acquiring an additional 451,864 shares in the last quarter. Northern Trust Corp raised its stake in Public Storage by 2.8% during the 3rd quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock worth $609,253,000 after acquiring an additional 63,289 shares in the last quarter. Morgan Stanley raised its stake in Public Storage by 0.8% during the 3rd quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock worth $442,753,000 after acquiring an additional 13,864 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Public Storage by 6.5% during the 3rd quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock worth $350,540,000 after acquiring an additional 80,784 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the topic of a number of recent research reports. BMO Capital Markets lifted their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research note on Thursday, March 28th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Barclays initiated coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Performance

Shares of Public Storage stock traded down $0.24 on Wednesday, reaching $259.21. 486,106 shares of the stock were exchanged, compared to its average volume of 721,671. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. The business has a fifty day moving average price of $277.82 and a two-hundred day moving average price of $276.18. The firm has a market capitalization of $45.54 billion, a PE ratio of 23.68, a PEG ratio of 3.45 and a beta of 0.54.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates 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 firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm posted $4.16 EPS. As a group, research analysts anticipate that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio is currently 108.50%.

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.