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

Creekside Partners acquired a new stake in Public Storage (NYSE:PSA) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 1,114 shares of the real estate investment trust’s stock, valued at approximately $320,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Signet Financial Management LLC raised its holdings in shares of Public Storage by 2.1% in the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after acquiring an additional 39 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Public Storage by 0.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after purchasing an additional 39 shares in the last quarter. Brookstone Capital Management boosted its stake in shares of Public Storage by 3.4% during the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after purchasing an additional 40 shares during the last quarter. Legacy Wealth Asset Management LLC grew its holdings in shares of Public Storage by 3.5% during the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after buying an additional 42 shares in the last quarter. Finally, Bangor Savings Bank raised its position in shares of Public Storage by 0.8% in the first quarter. Bangor Savings Bank now owns 5,359 shares of the real estate investment trust’s stock valued at $1,554,000 after buying an additional 43 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Down 1.3 %

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

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

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.38%. Public Storage’s payout ratio is 108.99%.

Analyst Ratings Changes

PSA has been the topic of a number of analyst reports. 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 target price on the stock. Bank of America downgraded 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. Evercore ISI lifted their price objective on Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Jefferies Financial Group upped their target price on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Barclays raised their price target on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and an average price target of $337.36.

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.