Public Storage (NYSE:PSA) is Ellsworth Advisors LLC’s 7th Largest Position

Ellsworth Advisors LLC increased its holdings in Public Storage (NYSE:PSA) by 615.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,803 shares of the real estate investment trust’s stock after acquiring an additional 17,036 shares during the period. Public Storage comprises about 1.9% of Ellsworth Advisors LLC’s holdings, making the stock its 7th largest holding. Ellsworth Advisors LLC’s holdings in Public Storage were worth $6,040,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC lifted its stake in Public Storage by 16.1% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock worth $2,567,000 after acquiring an additional 1,349 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Public Storage by 8.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock worth $32,638,000 after purchasing an additional 9,223 shares during the last quarter. 1834 Investment Advisors Co. increased its position in Public Storage by 115.3% in the 4th quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock worth $5,170,000 after purchasing an additional 9,078 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Public Storage by 17.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 133,907 shares of the real estate investment trust’s stock worth $35,287,000 after purchasing an additional 20,166 shares during the last quarter. Finally, Citigroup Inc. increased its position in Public Storage by 13.2% in the 3rd quarter. Citigroup Inc. now owns 157,956 shares of the real estate investment trust’s stock worth $41,625,000 after purchasing an additional 18,428 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

PSA traded up $1.96 during midday trading on Friday, reaching $290.06. The company’s stock had a trading volume of 841,389 shares, compared to its average volume of 776,433. The company has a fifty day simple moving average of $283.93 and a 200 day simple moving average of $275.36. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a twelve month low of $233.18 and a twelve month high of $316.48. The stock has a market cap of $50.96 billion, a P/E ratio of 26.23, a PEG ratio of 3.78 and a beta of 0.54.

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). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the business posted $4.16 EPS. Public Storage’s revenue was up 6.6% compared to the same quarter last year. Research analysts expect 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 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 dividend on an annualized basis and a dividend yield of 4.14%. Public Storage’s dividend payout ratio is currently 108.50%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft assumed 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. BMO Capital Markets increased their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. The Goldman Sachs Group increased their price objective on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Scotiabank increased their price objective on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Finally, Truist Financial increased their price objective on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, December 28th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $302.50.

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.