Baker Tilly Wealth Management LLC Raises Position in Public Storage (NYSE:PSA)

Baker Tilly Wealth Management LLC increased its holdings in Public Storage (NYSE:PSA) by 24.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,432 shares of the real estate investment trust’s stock after purchasing an additional 277 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Public Storage were worth $521,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Brookstone Capital Management grew its holdings 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 buying an additional 40 shares during the period. Vicus Capital purchased a new stake in Public Storage in the first quarter valued at approximately $238,000. Allspring Global Investments Holdings LLC increased its position in Public Storage by 20.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 139,074 shares of the real estate investment trust’s stock worth $40,340,000 after purchasing an additional 23,531 shares during the last quarter. Eagle Ridge Investment Management raised its stake in Public Storage by 25.1% during the first quarter. Eagle Ridge Investment Management now owns 76,933 shares of the real estate investment trust’s stock worth $22,315,000 after purchasing an additional 15,449 shares during the period. Finally, Naviter Wealth LLC boosted its holdings in shares of Public Storage by 13.4% in the 1st quarter. Naviter Wealth LLC now owns 10,206 shares of the real estate investment trust’s stock valued at $2,960,000 after purchasing an additional 1,204 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PSA shares. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Morgan Stanley boosted their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Barclays raised their price target on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. One research 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 MarketBeat, Public Storage currently has an average rating of “Moderate Buy” and a consensus price target of $340.93.

Public Storage Trading Down 0.2 %

Shares of PSA opened at $335.78 on Monday. Public Storage has a one year low of $233.18 and a one year high of $369.99. The stock has a 50-day moving average price of $347.58 and a 200 day moving average price of $307.22. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $58.77 billion, a P/E ratio of 31.52, a P/E/G ratio of 4.74 and a beta of 0.68.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the company posted $4.28 earnings per share. Sell-side analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.57%. Public Storage’s dividend payout ratio (DPR) is presently 112.46%.

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.