Creative Planning Trims Stock Position in Public Storage (NYSE:PSA)

Creative Planning decreased its stake in Public Storage (NYSE:PSA) by 1.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,435 shares of the real estate investment trust’s stock after selling 292 shares during the period. Creative Planning’s holdings in Public Storage were worth $5,590,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its position in shares of Public Storage by 4.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock worth $39,373,000 after purchasing an additional 5,239 shares in the last quarter. Rafferty Asset Management LLC increased its position in Public Storage by 20.0% during the fourth quarter. Rafferty Asset Management LLC now owns 21,224 shares of the real estate investment trust’s stock worth $6,473,000 after buying an additional 3,544 shares during the period. Peapack Gladstone Financial Corp lifted its stake in Public Storage by 8.2% in the fourth quarter. Peapack Gladstone Financial Corp now owns 2,184 shares of the real estate investment trust’s stock valued at $666,000 after buying an additional 165 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Public Storage by 170.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 23,523 shares of the real estate investment trust’s stock valued at $7,175,000 after acquiring an additional 14,840 shares during the period. Finally, Cetera Advisor Networks LLC grew its position in shares of Public Storage by 4.5% during the fourth quarter. Cetera Advisor Networks LLC now owns 15,236 shares of the real estate investment trust’s stock worth $4,647,000 after acquiring an additional 660 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on PSA shares. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Wells Fargo & Company raised their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Barclays upped their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target for the company. in a report on Monday, August 5th. Finally, Scotiabank upped their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $337.36.

Public Storage Stock Down 0.6 %

Shares of NYSE PSA opened at $353.00 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm has a 50-day moving average price of $337.15 and a 200 day moving average price of $300.22. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. The stock has a market capitalization of $61.78 billion, a price-to-earnings ratio of 32.06, a price-to-earnings-growth ratio of 5.02 and a beta of 0.67.

Public Storage (NYSE:PSA) last posted 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). The company had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.28 earnings per share. Equities research analysts anticipate that Public Storage will post 16.75 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.40%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is 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.