Pacific Capital Wealth Advisors Inc. Buys Shares of 424 Public Storage (NYSE:PSA)

Pacific Capital Wealth Advisors Inc. purchased a new position in Public Storage (NYSE:PSA) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 424 shares of the real estate investment trust’s stock, valued at approximately $129,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Second Half Financial Partners LLC purchased a new stake in Public Storage during the third quarter valued at approximately $290,129,000. JPMorgan Chase & Co. boosted its position in shares of Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after purchasing an additional 729,262 shares in the last quarter. Lazard Asset Management LLC grew its stake in Public Storage by 555.6% during the 3rd quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock worth $162,104,000 after buying an additional 521,322 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Public Storage by 22.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock valued at $633,949,000 after buying an additional 451,864 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Public Storage by 29.0% in the third quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust’s stock valued at $300,786,000 after buying an additional 256,326 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the topic of a number of research analyst reports. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a research note on Thursday, March 28th. Barclays began coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target on the stock. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price on the stock. Finally, The Goldman Sachs Group raised their target price on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. 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 given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Performance

Shares of PSA traded down $4.08 during mid-day trading on Wednesday, reaching $269.12. The company had a trading volume of 466,452 shares, compared to its average volume of 725,493. The stock has a market capitalization of $47.28 billion, a P/E ratio of 24.44, a PEG ratio of 3.49 and a beta of 0.57. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The stock has a 50 day moving average of $276.12 and a two-hundred day moving average of $276.24. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage (NYSE:PSA) last released 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). The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.16 EPS. On average, analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.46%. Public Storage’s dividend payout ratio is presently 108.99%.

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.