Avidian Wealth Solutions LLC Increases Position in Public Storage (NYSE:PSA)

Avidian Wealth Solutions LLC grew its stake in Public Storage (NYSE:PSA) by 102.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,539 shares of the real estate investment trust’s stock after acquiring an additional 1,284 shares during the quarter. Avidian Wealth Solutions LLC’s holdings in Public Storage were worth $774,000 at the end of the most recent quarter.

A number of other institutional investors and 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 purchased a new position in Public Storage during the 4th quarter worth $35,000. Turtle Creek Wealth Advisors LLC purchased a new position in Public Storage during the 4th quarter worth $35,000. Aspire Private Capital LLC grew its stake in Public Storage by 44.0% during the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 44 shares during the last quarter. Finally, Rise Advisors LLC grew 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 worth $44,000 after buying an additional 91 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. Scotiabank boosted their price target on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note 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 on the stock in a research note on Thursday, March 28th. The Goldman Sachs Group boosted their price target on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $280.00 to $310.00 in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Stock Performance

Shares of PSA stock traded up $1.83 on Friday, hitting $265.76. The company had a trading volume of 662,239 shares, compared to its average volume of 697,055. The firm has a market cap of $46.69 billion, a P/E ratio of 24.14, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. The company has a 50-day moving average price of $276.44 and a 200-day moving average price of $276.00. The company has a quick ratio of 0.62, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $4.16 EPS. As a group, equities research analysts predict that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 dividend on an annualized basis and a yield of 4.52%. Public Storage’s payout ratio is 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.