W.H. Cornerstone Investments Inc. Has $451,000 Holdings in Public Storage (NYSE:PSA)

W.H. Cornerstone Investments Inc. lowered its position in Public Storage (NYSE:PSA) by 63.4% during the fourth quarter, Holdings Channel reports. 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 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PSA. Commonwealth Equity Services LLC lifted its stake in Public Storage by 3.3% in the third quarter. Commonwealth Equity Services LLC now owns 41,348 shares of the real estate investment trust’s stock valued at $10,896,000 after buying an additional 1,303 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in Public Storage by 4.0% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 15,436 shares of the real estate investment trust’s stock worth $4,068,000 after acquiring an additional 599 shares in the last quarter. Raymond James & Associates grew its holdings in Public Storage by 38.8% in the third quarter. Raymond James & Associates now owns 109,787 shares of the real estate investment trust’s stock worth $28,931,000 after purchasing an additional 30,673 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in Public Storage by 14.6% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 55,656 shares of the real estate investment trust’s stock valued at $14,666,000 after purchasing an additional 7,111 shares in the last quarter. Finally, Stratos Wealth Partners LTD. raised its holdings in shares of Public Storage by 22.5% during the third quarter. Stratos Wealth Partners LTD. now owns 2,168 shares of the real estate investment trust’s stock valued at $571,000 after purchasing an additional 398 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Scotiabank raised their target price on Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $280.00 to $310.00 in a report on Friday, April 5th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. Barclays assumed coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. Finally, BMO Capital Markets raised their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Stock Up 0.7 %

Public Storage stock traded up $1.83 during midday trading on Friday, hitting $265.76. 662,239 shares of the stock were exchanged, compared to its average volume of 697,055. The company has a quick ratio of 0.62, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $46.69 billion, a price-to-earnings ratio of 24.14, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The business’s 50-day moving average price is $276.44 and its 200-day moving average price is $276.00.

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

Public Storage Dividend Announcement

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

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.