Creative Planning Increases Holdings in Public Storage (NYSE:PSA)

Creative Planning increased its position in Public Storage (NYSE:PSA) by 13.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,985 shares of the real estate investment trust’s stock after acquiring an additional 2,550 shares during the period. Creative Planning’s holdings in Public Storage were worth $8,000,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PSA. Daiwa Securities Group Inc. grew its position in shares of Public Storage by 86.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after acquiring an additional 299,826 shares during the period. Canada Pension Plan Investment Board lifted its position in Public Storage by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after purchasing an additional 281,800 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares in the last quarter. Vanguard Group Inc. grew its holdings in Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after purchasing an additional 217,487 shares during the period. Finally, AQR Capital Management LLC increased its position in Public Storage by 116.7% in the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after buying an additional 208,546 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $339.77 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99. The stock has a 50 day moving average of $346.82 and a 200 day moving average of $306.35. The firm has a market cap of $59.71 billion, a PE ratio of 30.86, a PEG ratio of 4.87 and a beta of 0.68.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share 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 analysts’ expectations of $1.16 billion. During the same period last year, the business posted $4.28 earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, research analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business 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 3.53%. Public Storage’s dividend payout ratio is currently 108.99%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PSA shares. Morgan Stanley lifted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Citigroup lifted their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Wells Fargo & Company increased their price objective on shares of Public Storage from $320.00 to $375.00 and gave the stock an “overweight” rating in a research note on Monday. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Finally, Barclays upped their target price on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $340.93.

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.