Public Storage (NYSE:PSA) Position Increased by Cresset Asset Management LLC

Cresset Asset Management LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 200.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,392 shares of the real estate investment trust’s stock after buying an additional 1,597 shares during the period. Cresset Asset Management LLC’s holdings in Public Storage were worth $716,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Cetera Investment Advisers boosted its holdings in Public Storage by 4.6% during the fourth quarter. Cetera Investment Advisers now owns 46,601 shares of the real estate investment trust’s stock worth $13,954,000 after buying an additional 2,070 shares in the last quarter. Centiva Capital LP purchased a new stake in shares of Public Storage in the 4th quarter valued at approximately $2,864,000. BOKF NA lifted its position in shares of Public Storage by 3.6% in the 4th quarter. BOKF NA now owns 28,262 shares of the real estate investment trust’s stock valued at $8,167,000 after acquiring an additional 980 shares in the last quarter. BROOKFIELD Corp ON lifted its position in shares of Public Storage by 238.4% in the 4th quarter. BROOKFIELD Corp ON now owns 34,619 shares of the real estate investment trust’s stock valued at $10,366,000 after acquiring an additional 24,390 shares in the last quarter. Finally, Captrust Financial Advisors lifted its position in shares of Public Storage by 3.4% in the 4th quarter. Captrust Financial Advisors now owns 9,814 shares of the real estate investment trust’s stock valued at $2,939,000 after acquiring an additional 321 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PSA. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research report on Thursday, April 10th. Evercore ISI upped their price target on shares of Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a research report on Friday, May 2nd. Mizuho began coverage on shares of Public Storage in a research report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price target for the company. Bank of America upped their price target on shares of Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Barclays reiterated an “overweight” rating and issued a $354.00 target price (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $337.67.

Public Storage Stock Down 1.0%

PSA stock opened at $302.26 on Wednesday. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap of $53.03 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 4.91 and a beta of 0.91. The company has a 50 day moving average of $293.93 and a two-hundred day moving average of $306.20.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the business posted $4.03 EPS. Public Storage’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 3.97%. Public Storage’s dividend payout ratio (DPR) is 119.17%.

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.