Bristlecone Advisors LLC Buys 860 Shares of Public Storage (NYSE:PSA)

Bristlecone Advisors LLC boosted its position in Public Storage (NYSE:PSA) by 12.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 7,565 shares of the real estate investment trust’s stock after buying an additional 860 shares during the period. Bristlecone Advisors LLC’s holdings in Public Storage were worth $2,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Sunbelt Securities Inc. grew its stake in Public Storage by 64,500.0% during the first quarter. Sunbelt Securities Inc. now owns 646 shares of the real estate investment trust’s stock worth $187,000 after buying an additional 645 shares in the last quarter. Brookstone Capital Management raised its stake in Public Storage by 3.4% during the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after acquiring an additional 40 shares in the last quarter. Vicus Capital bought a new position in shares of Public Storage in the first quarter worth about $238,000. Guidance Capital Inc. lifted its holdings in shares of Public Storage by 8.3% in the first quarter. Guidance Capital Inc. now owns 1,858 shares of the real estate investment trust’s stock worth $494,000 after acquiring an additional 142 shares during the last quarter. Finally, Founders Financial Securities LLC boosted its stake in shares of Public Storage by 7.6% in the 1st quarter. Founders Financial Securities LLC now owns 3,460 shares of the real estate investment trust’s stock valued at $1,004,000 after purchasing an additional 245 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PSA shares. Jefferies Financial Group upped their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Bank of America lowered 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. Evercore ISI reduced their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Royal Bank of Canada initiated coverage on shares of Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target for the company. Finally, Citigroup boosted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, six 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $340.93.

Public Storage Stock Down 0.6 %

Shares of Public Storage stock opened at $336.34 on Friday. The firm has a market cap of $58.87 billion, a price-to-earnings ratio of 31.52, a PEG ratio of 4.72 and a beta of 0.68. The stock’s 50-day moving average is $347.58 and its 200 day moving average is $307.00. 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 one year low of $233.18 and a one year high of $369.99.

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 business had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.28 earnings per share. Equities research analysts anticipate that Public Storage will post 16.73 EPS for the current year.

Public Storage Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date was Friday, September 13th. Public Storage’s payout ratio is 112.46%.

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.