Crestmont Private Wealth LLC Takes $288,000 Position in Public Storage (NYSE:PSA)

Crestmont Private Wealth LLC purchased a new stake in Public Storage (NYSE:PSA) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 962 shares of the real estate investment trust’s stock, valued at approximately $288,000.

Other hedge funds have also made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of 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 period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Public Storage by 30.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock worth $40,926,000 after acquiring an additional 31,662 shares during the last quarter. Meridian Wealth Management LLC acquired a new position in shares of Public Storage in the 4th quarter worth approximately $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 worth $131,574,000 after acquiring an additional 228,740 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings 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 worth $5,759,000 after acquiring an additional 6,706 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Public Storage stock opened at $309.53 on Tuesday. The firm has a market cap of $54.30 billion, a PE ratio of 32.14, a price-to-earnings-growth 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 quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company’s 50 day moving average is $294.98 and its two-hundred day moving average is $303.06.

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

Public Storage Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio is presently 119.17%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Barclays decreased their price objective on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. Scotiabank upped their price objective on shares of Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a report on Monday, May 12th. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a report on Thursday, April 10th. Bank of America upped their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Finally, Royal Bank of Canada decreased 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 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $339.25.

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.