Forte Capital LLC ADV Increases Position in Public Storage (NYSE:PSA)

Forte Capital LLC ADV raised its holdings in Public Storage (NYSE:PSA) by 31.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,517 shares of the real estate investment trust’s stock after acquiring an additional 2,286 shares during the period. Forte Capital LLC ADV’s holdings in Public Storage were worth $2,903,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Private Ocean LLC lifted its position in Public Storage by 5,450.0% during the fourth 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 in the last quarter. Centerpoint Advisors LLC purchased a new position in shares of Public Storage during the 4th quarter worth $35,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Public Storage during the 4th quarter valued at about $35,000. Aspire Private Capital LLC grew its holdings in shares of Public Storage by 44.0% in the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 44 shares during the period. Finally, Rise Advisors LLC increased its position in Public Storage by 165.5% during the fourth quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 91 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Up 0.7 %

PSA stock traded up $1.83 during midday trading on Friday, hitting $265.76. The company’s stock had a trading volume of 662,239 shares, compared to its average volume of 697,055. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The firm has a market capitalization of $46.69 billion, a P/E ratio of 24.14, a PEG ratio of 3.49 and a beta of 0.57. The company has a quick ratio of 0.62, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The firm has a 50-day simple moving average of $276.44 and a 200-day simple moving average of $275.92.

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 the consensus estimate of $4.15 by ($1.94). The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.16 EPS. As a group, equities analysts forecast that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a dividend of $3.00 per share. 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 4.52%. Public Storage’s payout ratio is currently 108.99%.

Analysts Set New Price Targets

PSA has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target for the company. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research report on Thursday, March 28th. Barclays assumed coverage on Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. BMO Capital Markets boosted their price objective 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. Finally, Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. One research 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 stock. According to data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and an average price target of $305.00.

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.