Thurston Springer Miller Herd & Titak Inc. Acquires 112 Shares of Public Storage (NYSE:PSA)

Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Public Storage (NYSE:PSA) by 29.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 497 shares of the real estate investment trust’s stock after buying an additional 112 shares during the period. Thurston Springer Miller Herd & Titak Inc.’s holdings in Public Storage were worth $149,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Quent Capital LLC raised its stake in shares of Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 50 shares during the period. Ameriflex Group Inc. purchased a new position in Public Storage during the 4th quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL purchased a new position in Public Storage during the 4th quarter valued at approximately $32,000. Millstone Evans Group LLC purchased a new position in Public Storage during the 4th quarter valued at approximately $38,000. Finally, Parvin Asset Management LLC purchased a new position in shares of Public Storage in the 4th quarter worth approximately $38,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of PSA stock opened at $303.30 on Friday. The stock has a market capitalization of $53.21 billion, a PE ratio of 31.50, a price-to-earnings-growth ratio of 4.91 and a beta of 0.89. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The stock’s 50-day moving average price is $295.50 and its 200 day moving average price is $302.59. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the firm posted $4.03 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. As a group, equities research analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s payout ratio is currently 119.17%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Royal Bank of Canada dropped their price objective on Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a report on Friday, May 2nd. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research report on Thursday, April 10th. Bank of America boosted their price target on Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Evercore ISI upped their target price on Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a research report on Friday, May 2nd. Finally, Barclays reduced their target price on Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a research report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $339.25.

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.