Cascade Investment Advisors Inc. Decreases Position in Public Storage (NYSE:PSA)

Cascade Investment Advisors Inc. trimmed its position in Public Storage (NYSE:PSA) by 16.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,719 shares of the real estate investment trust’s stock after selling 930 shares during the period. Cascade Investment Advisors Inc.’s holdings in Public Storage were worth $1,717,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a report on Monday, August 5th. Truist Financial downgraded 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 note on Thursday, August 1st. Jefferies Financial Group increased their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Citigroup boosted their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Evercore ISI upped their price target on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. 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 given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $337.36.

Public Storage Stock Performance

Shares of PSA stock opened at $355.30 on Thursday. The stock’s 50-day moving average is $335.99 and its two-hundred day moving average is $299.85. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99. The firm has a market cap of $62.18 billion, a price-to-earnings ratio of 32.27, a PEG 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). The firm had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.28 EPS. Analysts predict that Public Storage will post 16.75 earnings per share for the current year.

Public Storage Announces Dividend

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

Public Storage Company 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.