W.H. Cornerstone Investments Inc. Lowers Stake in Public Storage (NYSE:PSA)

W.H. Cornerstone Investments Inc. decreased its position in shares of Public Storage (NYSE:PSA) by 63.4% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,480 shares of the real estate investment trust’s stock after selling 2,568 shares during the period. W.H. Cornerstone Investments Inc.’s holdings in Public Storage were worth $451,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Private Ocean LLC lifted its holdings in shares of Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares during the period. Centerpoint Advisors LLC purchased a new position in Public Storage during the fourth quarter worth approximately $35,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Public Storage in the 4th quarter valued at $35,000. Aspire Private Capital LLC grew its stake in shares of Public Storage by 44.0% during the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 44 shares during the period. Finally, Rise Advisors LLC raised its position in shares of Public Storage by 165.5% in the 4th quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 91 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PSA shares. The Goldman Sachs Group upped their target price on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. BMO Capital Markets increased their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Scotiabank boosted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Finally, Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Stock Performance

Public Storage stock traded up $1.83 during mid-day trading on Friday, hitting $265.76. 662,239 shares of the company’s stock traded hands, compared to its average volume of 697,055. Public Storage has a one year low of $233.18 and a one year high of $312.25. The company has a market cap of $46.69 billion, a PE ratio of 24.14, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. The firm has a 50 day moving average price of $276.44 and a 200 day moving average price of $276.00. The company has a quick ratio of 0.62, a current ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the firm posted $4.16 earnings per share. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, equities analysts forecast that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.52%. Public Storage’s dividend payout ratio (DPR) is 108.99%.

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.