Edge Wealth Management LLC Has $16.31 Million Stake in Public Storage (NYSE:PSA)

Edge Wealth Management LLC lessened its holdings in Public Storage (NYSE:PSA) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 44,816 shares of the real estate investment trust’s stock after selling 495 shares during the period. Public Storage makes up about 3.3% of Edge Wealth Management LLC’s investment portfolio, making the stock its 10th largest position. Edge Wealth Management LLC’s holdings in Public Storage were worth $16,307,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. OFI Invest Asset Management bought a new stake in Public Storage during the 2nd quarter valued at $32,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the 2nd quarter worth approximately $36,000. Riverview Trust Co acquired a new stake in Public Storage during the 1st quarter worth about $37,000. Crewe Advisors LLC acquired a new stake in shares of Public Storage during the 1st quarter worth approximately $39,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Public Storage during the 2nd quarter worth about $39,000. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PSA shares. Royal Bank of Canada began coverage on Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective for the company. Barclays upped their price target on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Morgan Stanley upped their target price on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Citigroup raised their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $337.00.

Public Storage Stock Up 0.4 %

PSA traded up $1.27 during trading on Tuesday, reaching $344.99. 617,465 shares of the stock were exchanged, compared to its average volume of 712,023. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99. The stock’s 50 day moving average price is $343.10 and its two-hundred day moving average price is $303.67. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $60.38 billion, a P/E ratio of 32.23, a price-to-earnings-growth ratio of 4.82 and a beta of 0.68.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the firm earned $4.28 EPS. Equities analysts expect that Public Storage will post 16.73 EPS for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio is presently 112.46%.

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.