Cresset Asset Management LLC Has $716,000 Stock Position in Public Storage (NYSE:PSA)

Cresset Asset Management LLC lifted its holdings in shares of Public Storage (NYSE:PSA) by 200.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 2,392 shares of the real estate investment trust’s stock after buying an additional 1,597 shares during the period. Cresset Asset Management LLC’s holdings in Public Storage were worth $716,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PSA. Cetera Investment Advisers grew its stake in Public Storage by 4.6% in the 4th quarter. Cetera Investment Advisers now owns 46,601 shares of the real estate investment trust’s stock valued at $13,954,000 after buying an additional 2,070 shares during the last quarter. Centiva Capital LP acquired a new position in Public Storage in the 4th quarter valued at $2,864,000. BOKF NA grew its stake in Public Storage by 3.6% in the 4th quarter. BOKF NA now owns 28,262 shares of the real estate investment trust’s stock valued at $8,167,000 after buying an additional 980 shares during the last quarter. BROOKFIELD Corp ON grew its stake in Public Storage by 238.4% in the 4th quarter. BROOKFIELD Corp ON now owns 34,619 shares of the real estate investment trust’s stock valued at $10,366,000 after buying an additional 24,390 shares during the last quarter. Finally, Captrust Financial Advisors grew its stake in Public Storage by 3.4% in the 4th quarter. Captrust Financial Advisors now owns 9,814 shares of the real estate investment trust’s stock valued at $2,939,000 after buying an additional 321 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PSA. Wells Fargo & Company lowered their target price 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. Mizuho initiated coverage on shares of Public Storage in a research note on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 target price on the stock. Scotiabank raised their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a research report on Monday. Bank of America raised their price target on shares of 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 decreased their price target on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research report 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $337.67.

Public Storage Price Performance

NYSE:PSA opened at $302.26 on Wednesday. The company has a 50-day moving average of $293.93 and a 200-day moving average of $306.20. The company has a market capitalization of $53.03 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 4.91 and a beta of 0.91. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping analysts’ consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the firm earned $4.03 EPS. As a group, equities research analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm 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 3.97%. The ex-dividend date is Thursday, June 12th. Public Storage’s payout ratio is 119.17%.

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.