Summit Financial LLC Sells 72 Shares of Public Storage (NYSE:PSA)

Summit Financial LLC cut its stake in shares of Public Storage (NYSE:PSA) by 6.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,085 shares of the real estate investment trust’s stock after selling 72 shares during the quarter. Summit Financial LLC’s holdings in Public Storage were worth $331,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. AdvisorNet Financial Inc raised its holdings in shares of Public Storage by 3.2% in the 4th quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust’s stock valued at $347,000 after purchasing an additional 35 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in Public Storage by 4.1% during the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,097 shares of the real estate investment trust’s stock valued at $289,000 after buying an additional 43 shares during the period. Wealth Alliance raised its stake in Public Storage by 5.3% in the third quarter. Wealth Alliance now owns 847 shares of the real estate investment trust’s stock worth $223,000 after buying an additional 43 shares in the last quarter. RB Capital Management LLC lifted its holdings in Public Storage by 1.1% during the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust’s stock worth $1,048,000 after buying an additional 43 shares during the period. Finally, Aspire Private Capital LLC boosted its position in Public Storage by 44.0% during the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of analyst reports. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research note on Thursday, March 28th. Barclays assumed coverage on shares of Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective on the stock. Scotiabank increased their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. The Goldman Sachs Group lifted their price target on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Finally, BMO Capital Markets upped their price target on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Up 0.7 %

NYSE:PSA opened at $265.76 on Friday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.62. The company’s fifty day moving average price is $276.82 and its 200-day moving average price is $275.99. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The firm has a market capitalization of $46.69 billion, a P/E ratio of 24.14, a PEG ratio of 3.46 and a beta of 0.57.

Public Storage (NYSE:PSA) last announced 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 return on equity of 36.17% and a net margin of 45.62%. The company 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 earnings per share. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, equities research analysts anticipate that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.52%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

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.