Carnegie Investment Counsel Acquires 82,517 Shares of Public Storage (NYSE:PSA)

Carnegie Investment Counsel lifted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 4,979.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 84,174 shares of the real estate investment trust's stock after purchasing an additional 82,517 shares during the quarter. Carnegie Investment Counsel's holdings in Public Storage were worth $25,025,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC grew its position in Public Storage by 12.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock valued at $13,240,000 after buying an additional 4,746 shares in the last quarter. Brighton Jones LLC grew its holdings in Public Storage by 9.7% during the first quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock worth $517,000 after acquiring an additional 152 shares during the period. Asset Management One Co. Ltd. raised its position in Public Storage by 1.2% in the first quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock worth $92,960,000 after acquiring an additional 3,627 shares in the last quarter. Private Trust Co. NA lifted its holdings in Public Storage by 228.1% in the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock valued at $640,000 after acquiring an additional 1,487 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its position in shares of Public Storage by 43.3% during the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock valued at $1,083,000 after purchasing an additional 1,093 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PSA. Royal Bank Of Canada lowered their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Scotiabank boosted their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Mizuho increased their price objective on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Finally, Wells Fargo & Company cut their price target on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday. Six 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $336.93.

Public Storage Price Performance

Shares of Public Storage stock traded up $0.39 during trading on Friday, reaching $287.70. 674,373 shares of the company's stock were exchanged, compared to its average volume of 886,742. The firm's 50-day moving average price is $295.05 and its 200 day moving average price is $296.05. The company has a market cap of $50.47 billion, a P/E ratio of 28.57, a PEG ratio of 4.19 and a beta of 0.86. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company's revenue was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $4.03 EPS. As a group, research analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were paid a $3.00 dividend. The ex-dividend date was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.17%. Public Storage's dividend payout ratio is currently 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.