Cornerstone Advisors LLC Lowers Position in Public Storage (NYSE:PSA)

Cornerstone Advisors LLC lowered its holdings in Public Storage (NYSE:PSA) by 13.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,500 shares of the real estate investment trust’s stock after selling 700 shares during the period. Cornerstone Advisors LLC’s holdings in Public Storage were worth $1,294,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Gold Investment Management Ltd. purchased a new stake in shares of Public Storage in the 4th quarter valued at about $849,000. The Manufacturers Life Insurance Company raised its holdings in shares of Public Storage by 4.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust’s stock valued at $39,373,000 after acquiring an additional 5,239 shares in the last quarter. Global Assets Advisory LLC purchased a new stake in shares of Public Storage in the 1st quarter valued at about $7,319,000. Centersquare Investment Management LLC raised its holdings in shares of Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after acquiring an additional 173,975 shares in the last quarter. Finally, Scarborough Advisors LLC purchased a new stake in shares of Public Storage in the 4th quarter valued at about $4,701,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Citigroup raised their price objective on 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 raised their price objective on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Wolfe Research raised Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a report on Thursday, August 1st. Finally, Royal Bank of Canada assumed coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $325.85.

Public Storage Price Performance

PSA opened at $362.96 on Tuesday. The stock’s 50 day simple moving average is $321.65 and its 200 day simple moving average is $293.66. 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 1 year low of $233.18 and a 1 year high of $364.61. The firm has a market cap of $63.78 billion, a price-to-earnings ratio of 32.97, a PEG ratio of 5.06 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 the consensus estimate of $4.20 by ($1.54). The company 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 revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.28 earnings per share. As a group, analysts predict that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.31%. Public Storage’s dividend payout ratio is currently 108.99%.

Public Storage 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.