Public Storage (NYSE:PSA) Holdings Raised by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. boosted its holdings in Public Storage (NYSE:PSA - Free Report) by 6.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 31,147 shares of the real estate investment trust's stock after acquiring an additional 1,891 shares during the period. Cullen Frost Bankers Inc.'s holdings in Public Storage were worth $9,322,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. Midwest Professional Planners LTD. grew its stake in Public Storage by 1.1% in the 1st quarter. Midwest Professional Planners LTD. now owns 6,943 shares of the real estate investment trust's stock valued at $2,078,000 after acquiring an additional 78 shares during the last quarter. Wealthfront Advisers LLC boosted its stake in shares of Public Storage by 4.6% during the 1st quarter. Wealthfront Advisers LLC now owns 10,930 shares of the real estate investment trust's stock worth $3,271,000 after purchasing an additional 481 shares during the last quarter. Blake Schutter Theil Wealth Advisors LLC acquired a new stake in shares of Public Storage during the 1st quarter worth about $216,000. United Community Bank boosted its stake in shares of Public Storage by 71.0% during the 1st quarter. United Community Bank now owns 6,516 shares of the real estate investment trust's stock worth $1,950,000 after purchasing an additional 2,706 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in shares of Public Storage by 19.1% during the 1st quarter. Signaturefd LLC now owns 1,779 shares of the real estate investment trust's stock worth $532,000 after purchasing an additional 285 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the topic of several analyst reports. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a research note on Thursday, April 10th. BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and decreased their price target for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. Mizuho raised their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Evercore ISI raised their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Finally, Barclays cut their price objective on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Public Storage has an average rating of "Moderate Buy" and a consensus price target of $337.64.

Public Storage Stock Performance

Public Storage stock traded down $1.92 during mid-day trading on Thursday, reaching $283.64. The company's stock had a trading volume of 1,027,870 shares, compared to its average volume of 766,212. The firm has a market cap of $49.76 billion, a price-to-earnings ratio of 28.17, a PEG ratio of 4.16 and a beta of 0.86. The business has a 50 day moving average price of $297.38 and a 200-day moving average price of $296.58. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99.

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 EPS for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The firm's revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.03 earnings per share. Sell-side analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.23%. The ex-dividend date was Thursday, June 12th. 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.