Smithbridge Asset Management Inc. DE Purchases Shares of 2,714 Public Storage (NYSE:PSA)

Smithbridge Asset Management Inc. DE bought a new position in shares of Public Storage (NYSE:PSA - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,714 shares of the real estate investment trust's stock, valued at approximately $812,000.

Other large investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Public Storage by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after buying an additional 31,662 shares during the period. Meridian Wealth Management LLC acquired a new position in shares of Public Storage during the 4th quarter worth approximately $395,000. Aew Capital Management L P raised its stake in shares of Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock worth $131,574,000 after buying an additional 228,740 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Public Storage by 53.5% during the 4th quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust's stock worth $5,759,000 after buying an additional 6,706 shares during the period. Finally, Meeder Asset Management Inc. raised its stake in shares of Public Storage by 1,360.5% during the 4th quarter. Meeder Asset Management Inc. now owns 1,256 shares of the real estate investment trust's stock worth $376,000 after buying an additional 1,170 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PSA. Wells Fargo & Company reduced their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Evercore ISI raised their price objective on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. Bank of America lifted their target price on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Scotiabank raised their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Finally, Barclays decreased their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of "Moderate Buy" and an average price target of $339.25.

Public Storage Trading Down 0.6%

Public Storage stock traded down $1.80 during midday trading on Friday, hitting $294.85. 708,578 shares of the stock were exchanged, compared to its average volume of 746,555. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The stock has a market capitalization of $51.73 billion, a price-to-earnings ratio of 30.62, a PEG ratio of 4.91 and a beta of 0.89. The stock's 50-day simple moving average is $296.53 and its 200 day simple moving average is $301.54. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (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 firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same period last year, the business earned $4.03 earnings per share. Public Storage's revenue was up .1% compared to the same quarter last year. On average, equities analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's dividend payout ratio is presently 119.17%.

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.