Public Storage (NYSE:PSA) Position Increased by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust raised its holdings in shares of Public Storage (NYSE:PSA) by 20.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 380 shares of the real estate investment trust’s stock after purchasing an additional 65 shares during the period. Parkside Financial Bank & Trust’s holdings in Public Storage were worth $116,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc grew its position in shares of Public Storage by 22.4% during the third quarter. IFP Advisors Inc now owns 1,322 shares of the real estate investment trust’s stock worth $349,000 after acquiring an additional 242 shares during the last quarter. DAVENPORT & Co LLC grew its position in shares of Public Storage by 3.9% during the third quarter. DAVENPORT & Co LLC now owns 2,536 shares of the real estate investment trust’s stock worth $668,000 after acquiring an additional 95 shares during the last quarter. Avior Wealth Management LLC grew its position in shares of Public Storage by 49.5% during the third quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 48 shares during the last quarter. Founders Financial Securities LLC grew its position in shares of Public Storage by 39.0% during the third quarter. Founders Financial Securities LLC now owns 2,276 shares of the real estate investment trust’s stock worth $600,000 after acquiring an additional 639 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its position in shares of Public Storage by 4.9% during the third quarter. Exchange Traded Concepts LLC now owns 2,155 shares of the real estate investment trust’s stock worth $568,000 after acquiring an additional 101 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

PSA stock opened at $262.17 on Thursday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a one year low of $233.18 and a one year high of $312.25. The firm has a market capitalization of $46.06 billion, a PE ratio of 23.70, a P/E/G ratio of 3.44 and a beta of 0.54. The firm has a 50-day moving average of $279.71 and a two-hundred day moving average of $276.52.

Public Storage (NYSE:PSA) last posted 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). 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 analysts’ expectations of $1.14 billion. During the same period in the prior year, the company posted $4.16 earnings per share. Public Storage’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, analysts forecast that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date was Tuesday, March 12th. Public Storage’s dividend payout ratio is presently 108.50%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PSA. Scotiabank upped their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a report on Thursday, March 28th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective for the company. Finally, Truist Financial upped their price objective on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.