Simplicity Wealth LLC Invests $355,000 in Public Storage (NYSE:PSA)

Simplicity Wealth LLC purchased a new position in shares of Public Storage (NYSE:PSA) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,225 shares of the real estate investment trust’s stock, valued at approximately $355,000.

A number of other large investors have also recently made changes to their positions in the stock. AdvisorNet Financial Inc grew its holdings in shares of Public Storage by 3.2% during the fourth quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust’s stock valued at $347,000 after buying an additional 35 shares during the last quarter. Gryphon Financial Partners LLC grew its holdings in shares of Public Storage by 2.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock valued at $476,000 after buying an additional 38 shares during the last quarter. Signet Financial Management LLC grew its holdings in shares of Public Storage by 2.1% during the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock valued at $555,000 after buying an additional 39 shares during the last quarter. Brookstone Capital Management grew its holdings in shares of Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after buying an additional 40 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC grew its holdings in shares of Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after buying an additional 42 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of research analyst reports. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a report on Thursday, March 28th. BMO Capital Markets upped their price target 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. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $280.00 to $310.00 in a report on Friday, April 5th. Barclays lowered their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $304.75.

Insider Buying and Selling at Public Storage

In other news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average cost of $278.96 per share, with a total value of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 11.10% of the company’s stock.

Public Storage Price Performance

Shares of PSA stock traded down $0.02 during mid-day trading on Wednesday, hitting $283.01. 347,444 shares of the stock were exchanged, compared to its average volume of 706,206. The firm has a fifty day moving average of $275.04 and a 200 day moving average of $278.95. 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 has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a market cap of $49.73 billion, a PE ratio of 25.70, a price-to-earnings-growth ratio of 3.75 and a beta of 0.57.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (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 firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the company earned $4.16 earnings per share. The company’s revenue was up 6.6% compared to the same quarter last year. Research analysts anticipate that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.24%. Public Storage’s dividend payout ratio (DPR) 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.