Baker Tilly Wealth Management LLC Increases Stock Holdings in Public Storage (NYSE:PSA)

Baker Tilly Wealth Management LLC grew its stake in shares of Public Storage (NYSE:PSA) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,503 shares of the real estate investment trust’s stock after purchasing an additional 95 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Public Storage were worth $450,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Public Storage by 5.0% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust’s stock worth $16,089,000 after acquiring an additional 2,566 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Public Storage by 30.2% during 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 in the last quarter. Meridian Wealth Management LLC acquired a new stake in shares of Public Storage during the fourth quarter worth about $395,000. Aew Capital Management L P lifted its holdings in shares of Public Storage by 108.6% in 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 boosted its position in shares of Public Storage by 53.5% in the 4th quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust’s stock valued at $5,759,000 after purchasing an additional 6,706 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on PSA shares. Bank of America lifted their price target on Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Evercore ISI lifted their target price on shares of Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Mizuho lifted 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. Finally, Royal Bank of Canada reduced their target price on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.25.

Public Storage Stock Up 0.6%

Shares of NYSE:PSA opened at $307.84 on Monday. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. 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 firm’s 50-day simple moving average is $294.61 and its 200-day simple moving average is $303.23. The company has a market cap of $54.00 billion, a price-to-earnings ratio of 31.97, a PEG ratio of 4.91 and a beta of 0.91.

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

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.90%. The ex-dividend date is Thursday, June 12th. Public Storage’s payout ratio is 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.