Avidian Wealth Solutions LLC Increases Stake in Public Storage (NYSE:PSA)

Avidian Wealth Solutions LLC increased its position in Public Storage (NYSE:PSA) by 102.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,539 shares of the real estate investment trust’s stock after acquiring an additional 1,284 shares during the quarter. Avidian Wealth Solutions LLC’s holdings in Public Storage were worth $774,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC grew its holdings in Public Storage by 16.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after buying an additional 1,349 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Public Storage by 8.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after buying an additional 9,223 shares in the last quarter. Raymond James & Associates grew its holdings in Public Storage by 4.3% during the 4th quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after buying an additional 4,695 shares in the last quarter. Ellsworth Advisors LLC grew its holdings in Public Storage by 615.7% during the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock valued at $6,040,000 after buying an additional 17,036 shares in the last quarter. Finally, 1834 Investment Advisors Co. grew its holdings in Public Storage by 115.3% during the 4th quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock valued at $5,170,000 after buying an additional 9,078 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

NYSE:PSA traded up $1.83 during mid-day trading on Friday, reaching $265.76. The stock had a trading volume of 662,239 shares, compared to its average volume of 697,055. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.62 and a current ratio of 0.54. Public Storage has a one year low of $233.18 and a one year high of $312.25. The firm has a 50 day moving average price of $276.44 and a two-hundred day moving average price of $276.00. The stock has a market capitalization of $46.69 billion, a P/E ratio of 24.14, a P/E/G ratio of 3.49 and a beta of 0.57.

Public Storage (NYSE:PSA) last announced its quarterly earnings data 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 net margin of 45.62% and a return on equity of 36.17%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the firm posted $4.16 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders 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 annualized dividend and a yield of 4.52%. Public Storage’s payout ratio is currently 108.99%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PSA shares. Barclays started coverage on Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price for the company. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective for the company. Raymond James raised 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. Scotiabank boosted their price objective on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Finally, The Goldman Sachs Group boosted their price objective on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

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.