Legacy Capital Wealth Partners LLC Makes New $228,000 Investment in Public Storage (NYSE:PSA)

Legacy Capital Wealth Partners LLC acquired a new position in shares of Public Storage (NYSE:PSA) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 748 shares of the real estate investment trust’s stock, valued at approximately $228,000.

Other hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in Public Storage by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after purchasing an additional 729,262 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Public Storage by 22.4% in 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 acquiring an additional 451,864 shares in the last quarter. Northern Trust Corp lifted its position in Public Storage by 2.8% in the 3rd quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock valued at $609,253,000 after acquiring an additional 63,289 shares in the last quarter. Morgan Stanley boosted its stake in Public Storage by 0.8% during the 3rd quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock valued at $442,753,000 after purchasing an additional 13,864 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Public Storage by 6.5% during the 3rd quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock worth $350,540,000 after purchasing an additional 80,784 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 2.0 %

Shares of NYSE PSA opened at $262.95 on Tuesday. The stock has a market capitalization of $46.20 billion, a P/E ratio of 23.77, a PEG ratio of 3.38 and a beta of 0.54. Public Storage has a one year low of $233.18 and a one year high of $312.25. The firm’s 50 day simple moving average is $278.31 and its two-hundred day simple moving average is $276.27. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62.

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 (EPS) 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 company posted $4.16 EPS. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, analysts expect that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were issued a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.56%. Public Storage’s dividend payout ratio is currently 108.50%.

Analyst Ratings Changes

PSA has been the subject of several analyst reports. Scotiabank increased their target price 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. Barclays assumed coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. The Goldman Sachs Group increased their target price on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Finally, Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a research note on Thursday, March 28th. One 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 company’s stock. Based on data from MarketBeat, the stock presently has an average 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.