W.H. Cornerstone Investments Inc. Acquires 1,458 Shares of Public Storage (NYSE:PSA)

Key Points

• W.H. Cornerstone Investments Inc. increased its stake in Public Storage by 73.2%, acquiring an additional 1,458 shares and bringing its total holdings to 3,449 shares valued at approximately $1,032,000.
• Analysts have a mixed outlook on Public Storage, with ratings ranging from sell to strong buy, and an average price target set at $335.57.
• Public Storage reported a quarterly earnings per share (EPS) of $4.28, beating analyst estimates, with year-over-year revenue growth of 2.4%.

W.H. Cornerstone Investments Inc. increased its stake in Public Storage (NYSE:PSA - Free Report) by 73.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,449 shares of the real estate investment trust's stock after buying an additional 1,458 shares during the quarter. W.H. Cornerstone Investments Inc.'s holdings in Public Storage were worth $1,032,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avalon Trust Co bought a new stake in Public Storage in the first quarter valued at approximately $111,000. J. Safra Sarasin Holding AG increased its position in Public Storage by 6.8% during the 1st quarter. J. Safra Sarasin Holding AG now owns 3,214 shares of the real estate investment trust's stock worth $962,000 after buying an additional 205 shares during the period. Banco Santander S.A. bought a new stake in Public Storage in the 1st quarter valued at about $1,198,000. SPC Financial Inc. grew its holdings in shares of Public Storage by 13.1% during the 1st quarter. SPC Financial Inc. now owns 2,377 shares of the real estate investment trust's stock worth $711,000 after purchasing an additional 275 shares in the last quarter. Finally, American Assets Investment Management LLC bought a new stake in Public Storage during the first quarter worth about $1,264,000. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

Shares of PSA stock traded up $1.34 during trading on Tuesday, hitting $281.92. The company had a trading volume of 919,357 shares, compared to its average volume of 995,935. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The stock has a market capitalization of $49.46 billion, a price-to-earnings ratio of 30.74, a price-to-earnings-growth ratio of 4.10 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 stock's 50-day moving average is $293.01 and its two-hundred day moving average is $295.69.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter last year, the company posted $4.23 EPS. The business's quarterly revenue was up 2.4% on a year-over-year basis. As a group, analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is currently 130.86%.

Wall Street Analyst Weigh In

PSA has been the subject of several research analyst reports. Bank of America boosted their target price on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Wall Street Zen downgraded Public Storage from a "hold" rating to a "sell" rating in a report on Saturday. Mizuho upped their price objective on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $335.57.

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.