Crestmont Private Wealth LLC Makes New Investment in Public Storage (NYSE:PSA)

Crestmont Private Wealth LLC bought a new stake in Public Storage (NYSE:PSA) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 692 shares of the real estate investment trust’s stock, valued at approximately $252,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Able Wealth Management LLC acquired a new stake in Public Storage during the 4th quarter worth $89,000. American Trust bought a new stake in Public Storage in the fourth quarter valued at about $336,000. Napa Wealth Management acquired a new position in Public Storage in the fourth quarter valued at about $214,000. Syon Capital LLC boosted its holdings in Public Storage by 11.8% during the fourth quarter. Syon Capital LLC now owns 1,005 shares of the real estate investment trust’s stock worth $306,000 after buying an additional 106 shares during the last quarter. Finally, Scarborough Advisors LLC acquired a new position in shares of Public Storage during the 4th quarter worth about $78,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA opened at $342.83 on Friday. 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 firm has a fifty day simple moving average of $342.30 and a 200 day simple moving average of $303.18. The stock has a market capitalization of $60.24 billion, a price-to-earnings ratio of 31.14, a PEG ratio of 4.90 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 earnings per share (EPS) 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 company had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm posted $4.28 EPS. Public Storage’s revenue was down 1.0% compared to the same quarter last year. Research analysts forecast that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.50%. Public Storage’s dividend payout ratio is presently 108.99%.

Analysts Set New Price Targets

A number of analysts recently weighed in on PSA shares. Jefferies Financial Group increased their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Royal Bank of Canada assumed coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target 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 research report on Monday, August 5th. Evercore ISI increased 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. Finally, Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have given 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 $337.36.

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.