Public Storage (NYSE:PSA) Position Increased by Cresset Asset Management LLC

Cresset Asset Management LLC increased its position in shares of Public Storage (NYSE:PSA - Free Report) by 200.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,392 shares of the real estate investment trust's stock after purchasing an additional 1,597 shares during the quarter. Cresset Asset Management LLC's holdings in Public Storage were worth $716,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Quent Capital LLC lifted its stake in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after buying an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Public Storage in the fourth quarter valued at $32,000. Synergy Asset Management LLC bought a new stake in Public Storage in the fourth quarter valued at $38,000. Millstone Evans Group LLC bought a new stake in Public Storage in the fourth quarter valued at $38,000. Finally, Parvin Asset Management LLC bought a new stake in Public Storage in the fourth quarter valued at $38,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

Public Storage stock traded up $4.09 during midday trading on Friday, hitting $309.07. The company's stock had a trading volume of 706,932 shares, compared to its average volume of 745,236. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock's 50-day moving average price is $293.46 and its 200-day moving average price is $305.78. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The company has a market capitalization of $54.22 billion, a PE ratio of 32.09, 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 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same period in the previous year, the business earned $4.03 earnings per share. Public Storage's revenue for the quarter was up .1% compared to the same quarter last year. Analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.88%. Public Storage's dividend payout ratio is currently 119.17%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a research note on Thursday, April 10th. Evercore ISI lifted their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Royal Bank of Canada cut their price objective on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. 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 research note on Friday. Finally, Wells Fargo & Company cut their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and a consensus target price of $337.42.

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.