NorthCrest Asset Manangement LLC Invests $330,000 in Public Storage $PSA

Key Points

• NorthCrest Asset Management LLC has acquired a stake in Public Storage (NYSE: PSA) by purchasing 1,112 shares valued at around $330,000 in the second quarter.
• Public Storage's stock recently reported a quarterly earnings per share (EPS) of $4.28, exceeding the consensus estimate and indicating a 2.4% year-over-year revenue increase.
• The company announced a quarterly dividend of $3.00, with a projected annual yield of 4.3%, and a high dividend payout ratio of 130.86%.

NorthCrest Asset Manangement LLC acquired a new position in shares of Public Storage (NYSE:PSA - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,112 shares of the real estate investment trust's stock, valued at approximately $330,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Public Storage by 74.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 77,215 shares of the real estate investment trust's stock valued at $22,880,000 after purchasing an additional 32,979 shares during the last quarter. Atticus Wealth Management LLC raised its position in shares of Public Storage by 11.8% in the second quarter. Atticus Wealth Management LLC now owns 1,274 shares of the real estate investment trust's stock valued at $374,000 after purchasing an additional 134 shares during the period. Capital Advisory Group Advisory Services LLC boosted its holdings in Public Storage by 1.5% in the 2nd quarter. Capital Advisory Group Advisory Services LLC now owns 3,095 shares of the real estate investment trust's stock valued at $908,000 after purchasing an additional 46 shares during the period. Swedbank AB boosted its position in shares of Public Storage by 6.3% during the 2nd quarter. Swedbank AB now owns 171,349 shares of the real estate investment trust's stock valued at $50,277,000 after acquiring an additional 10,209 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Public Storage by 3.4% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 56,649 shares of the real estate investment trust's stock worth $16,622,000 after acquiring an additional 1,886 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSA has been the subject of a number of analyst reports. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Barclays dropped their price target on Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Scotiabank cut their target price on shares of Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 28th. JPMorgan Chase & Co. cut their price target on shares of Public Storage from $324.00 to $321.00 and set an "overweight" rating on the stock in a report on Friday, September 12th. Finally, Evercore ISI increased their target price on shares of Public Storage from $309.00 to $312.00 and gave the stock an "in-line" rating in a research report on Monday, September 15th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $322.00.

Public Storage Stock Up 0.5%

Shares of NYSE:PSA traded up $1.26 during trading on Monday, hitting $280.26. The stock had a trading volume of 1,309,647 shares, compared to its average volume of 769,528. The company has a market capitalization of $49.17 billion, a PE ratio of 30.56, a PEG ratio of 4.63 and a beta of 0.86. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The firm's fifty day moving average is $286.79 and its 200 day moving average is $292.55. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.05. The company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The firm's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $12.00 annualized dividend and a yield of 4.3%. Public Storage's payout ratio is presently 130.86%.

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.