GAMMA Investing LLC Invests $165,000 in Public Storage (NYSE:PSA)

GAMMA Investing LLC acquired a new position in Public Storage (NYSE:PSA) during the 4th quarter, Holdings Channel reports. The firm acquired 582 shares of the real estate investment trust’s stock, valued at approximately $165,000.

Other institutional investors have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC lifted its stake in shares of Public Storage by 16.1% in 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 purchasing an additional 1,349 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Public Storage by 8.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock worth $32,638,000 after purchasing an additional 9,223 shares during the period. Raymond James & Associates lifted its stake in shares of Public Storage by 4.3% in the 4th 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 lifted its stake in shares of Public Storage by 615.7% in the 4th 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 during the period. Finally, 1834 Investment Advisors Co. lifted its stake in shares of Public Storage by 115.3% in the 4th 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 during the period. Institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on PSA. 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 target price for the company. 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. Barclays began coverage on shares of Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 target price for the company. Scotiabank increased their target price 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. Finally, Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $280.00 to $310.00 in a report on Friday, April 5th. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Trading Down 0.4 %

PSA stock opened at $257.73 on Friday. The firm has a fifty day moving average price of $278.68 and a 200 day moving average price of $276.31. Public Storage has a fifty-two week low of $233.18 and a fifty-two 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. The firm has a market cap of $45.28 billion, a PE ratio of 23.30, a price-to-earnings-growth ratio of 3.39 and a beta of 0.54.

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 net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the business posted $4.16 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Sell-side 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 declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were given a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.66%. Public Storage’s dividend 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.