Creekside Partners Invests $320,000 in Public Storage (NYSE:PSA)

Creekside Partners bought a new stake in Public Storage (NYSE:PSA) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,114 shares of the real estate investment trust’s stock, valued at approximately $320,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Heartland Bank & Trust Co lifted its stake in Public Storage by 4.5% in the second quarter. Heartland Bank & Trust Co now owns 1,510 shares of the real estate investment trust’s stock worth $434,000 after acquiring an additional 65 shares during the last quarter. SPC Financial Inc. lifted its position in shares of Public Storage by 14.0% during the 2nd quarter. SPC Financial Inc. now owns 1,222 shares of the real estate investment trust’s stock worth $352,000 after purchasing an additional 150 shares during the last quarter. Advisory Alpha LLC grew its stake in shares of Public Storage by 29.1% during the second quarter. Advisory Alpha LLC now owns 1,291 shares of the real estate investment trust’s stock worth $372,000 after purchasing an additional 291 shares in the last quarter. Truist Financial Corp increased its holdings in Public Storage by 4.6% in the second quarter. Truist Financial Corp now owns 30,772 shares of the real estate investment trust’s stock valued at $8,851,000 after buying an additional 1,361 shares during the last quarter. Finally, EP Wealth Advisors LLC increased its holdings in Public Storage by 20.4% in the second quarter. EP Wealth Advisors LLC now owns 2,747 shares of the real estate investment trust’s stock valued at $790,000 after buying an additional 466 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on PSA. Scotiabank upped their price objective on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday, August 5th. Royal Bank of Canada assumed coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective for the company. Barclays increased their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $337.36.

Public Storage Price Performance

Shares of NYSE PSA opened at $355.30 on Thursday. The stock has a fifty day moving average price of $335.99 and a 200 day moving average price of $299.85. Public Storage has a 1-year low of $233.18 and a 1-year high of $369.99. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $62.18 billion, a PE ratio of 32.27, a P/E/G ratio of 5.02 and a beta of 0.67.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm earned $4.28 EPS. Sell-side analysts forecast that Public Storage will post 16.75 EPS for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.38%. Public Storage’s dividend payout ratio is currently 108.99%.

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.