Clare Market Investments LLC Purchases 290 Shares of Public Storage (NYSE:PSA)

Clare Market Investments LLC boosted its position in shares of Public Storage (NYSE:PSA) by 39.2% in the 1st quarter, HoldingsChannel reports. The firm owned 1,029 shares of the real estate investment trust’s stock after buying an additional 290 shares during the period. Clare Market Investments LLC’s holdings in Public Storage were worth $308,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. raised its stake in shares of Public Storage by 1.0% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 5,270 shares of the real estate investment trust’s stock valued at $1,577,000 after acquiring an additional 51 shares during the last quarter. Crestmont Private Wealth LLC bought a new position in Public Storage in the 1st quarter valued at $288,000. Whipplewood Advisors LLC raised its position in Public Storage by 356.8% in the 1st quarter. Whipplewood Advisors LLC now owns 169 shares of the real estate investment trust’s stock valued at $51,000 after purchasing an additional 132 shares during the last quarter. NBC Securities Inc. bought a new position in Public Storage in the 1st quarter valued at $135,000. Finally, Baker Tilly Wealth Management LLC raised its holdings in shares of Public Storage by 6.7% in the first quarter. Baker Tilly Wealth Management LLC now owns 1,503 shares of the real estate investment trust’s stock valued at $450,000 after buying an additional 95 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on PSA. Wells Fargo & Company cut their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Royal Bank of Canada dropped their target price on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a research note on Friday, May 2nd. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research report on Thursday, April 10th. Evercore ISI boosted their price objective on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research report on Friday, May 2nd. Finally, Scotiabank boosted their price objective on shares of Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 12th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price of $339.25.

Public Storage Trading Up 0.1%

NYSE PSA opened at $303.62 on Thursday. The stock has a 50-day simple moving average of $295.39 and a 200 day simple moving average of $303.06. The company has a market capitalization of $53.26 billion, a PE ratio of 31.53, a P/E/G ratio of 4.91 and a beta of 0.91. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating analysts’ consensus estimates of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the company earned $4.03 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. Research analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

Public Storage Company 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.