Patrick M Sweeney & Associates Inc. Buys Shares of 743 Public Storage (NYSE:PSA)

Patrick M Sweeney & Associates Inc. purchased a new position in shares of Public Storage (NYSE:PSA) during the fourth quarter, Holdings Channel.com reports. The fund purchased 743 shares of the real estate investment trust’s stock, valued at approximately $227,000.

Several other hedge funds have also made changes to their positions in the stock. Private Ocean LLC grew its stake in Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 109 shares during the last quarter. Centerpoint Advisors LLC bought a new position in shares of Public Storage during the fourth quarter worth about $35,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Public Storage in the 4th quarter worth about $35,000. Aspire Private Capital LLC lifted its position in Public Storage by 44.0% in the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 44 shares during the last quarter. Finally, Rise Advisors LLC boosted its stake in Public Storage by 165.5% during the 4th quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 91 shares during the period. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Scotiabank lifted their price target on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Raymond James upgraded 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 report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target for the company. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Finally, The Goldman Sachs Group increased their target price on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Price Performance

PSA stock traded up $4.13 on Tuesday, hitting $273.32. 520,261 shares of the company’s stock traded hands, compared to its average volume of 728,437. The stock has a market cap of $48.02 billion, a price-to-earnings ratio of 24.82, a P/E/G ratio of 3.49 and a beta of 0.57. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The stock has a fifty day moving average of $276.12 and a 200-day moving average of $276.24.

Public Storage (NYSE:PSA) last announced 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). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. Public Storage’s revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the company posted $4.16 EPS. On average, analysts forecast that Public Storage will post 16.92 EPS for the current fiscal 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 issued 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 yield of 4.39%. Public Storage’s payout ratio is presently 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.