NorthRock Partners LLC Invests $667,000 in Public Storage (NYSE:PSA)

NorthRock Partners LLC bought a new stake in Public Storage (NYSE:PSA - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,227 shares of the real estate investment trust's stock, valued at approximately $667,000.

Other large investors also recently made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Public Storage by 5.0% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock valued at $16,089,000 after buying an additional 2,566 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Public Storage by 30.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after purchasing an additional 31,662 shares during the last quarter. Meridian Wealth Management LLC bought a new position in Public Storage in the 4th quarter valued at $395,000. Aew Capital Management L P increased its position 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 valued at $131,574,000 after purchasing an additional 228,740 shares during the last quarter. Finally, 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 purchasing an additional 6,706 shares during the period. 78.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PSA. Barclays restated an "overweight" rating and set a $354.00 price target (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Wells Fargo & Company dropped their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Bank of America raised their target price on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Royal Bank of Canada cut their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a research note on Friday, May 2nd. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $337.67.

Public Storage Stock Performance

Public Storage stock opened at $304.99 on Friday. The firm's 50 day simple moving average is $293.44 and its 200 day simple moving average is $305.93. 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 has a 1-year low of $256.60 and a 1-year high of $369.99. The firm has a market capitalization of $53.50 billion, a PE ratio of 31.67, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating 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 return on equity of 34.07% and a net margin of 40.54%. The company's revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the company posted $4.03 EPS. As a group, analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's dividend payout ratio is currently 119.17%.

About Public Storage

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.

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