AJOVista LLC Makes New Investment in Public Storage (NYSE:PSA)

AJOVista LLC acquired a new position in Public Storage (NYSE:PSA) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 668 shares of the real estate investment trust’s stock, valued at approximately $204,000.

Other institutional investors have also added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its stake in shares of Public Storage by 3.3% during the third quarter. Commonwealth Equity Services LLC now owns 41,348 shares of the real estate investment trust’s stock valued at $10,896,000 after acquiring an additional 1,303 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Public Storage by 4.0% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 15,436 shares of the real estate investment trust’s stock valued at $4,068,000 after acquiring an additional 599 shares in the last quarter. Raymond James & Associates raised its stake in shares of Public Storage by 38.8% during the third quarter. Raymond James & Associates now owns 109,787 shares of the real estate investment trust’s stock valued at $28,931,000 after acquiring an additional 30,673 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Public Storage by 14.6% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 55,656 shares of the real estate investment trust’s stock valued at $14,666,000 after acquiring an additional 7,111 shares in the last quarter. Finally, Stratos Wealth Partners LTD. raised its stake in shares of Public Storage by 22.5% during the third quarter. Stratos Wealth Partners LTD. now owns 2,168 shares of the real estate investment trust’s stock valued at $571,000 after acquiring an additional 398 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on PSA. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective on the stock. 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 report on Tuesday, March 19th. Barclays started coverage on shares of Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price objective on the stock. Finally, Scotiabank lifted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. One 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Stock Performance

Shares of NYSE:PSA traded up $1.83 on Friday, hitting $265.76. 662,239 shares of the company were exchanged, compared to its average volume of 697,055. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The stock’s 50 day moving average price is $276.44 and its 200 day moving average price is $275.92. The company has a current ratio of 0.54, a quick ratio of 0.62 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $46.69 billion, a P/E ratio of 24.14, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57.

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 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 quarter in the previous year, the firm posted $4.16 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis. Sell-side analysts predict that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

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