Public Storage $PSA Shares Acquired by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. grew its holdings in Public Storage (NYSE:PSA) by 7.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,506 shares of the real estate investment trust’s stock after purchasing an additional 2,359 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Public Storage were worth $9,831,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Private Trust Co. NA grew its position in shares of Public Storage by 228.1% in the first quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust’s stock valued at $640,000 after purchasing an additional 1,487 shares during the last quarter. Summit Trail Advisors LLC grew its position in shares of Public Storage by 43.3% in the first quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust’s stock valued at $1,083,000 after purchasing an additional 1,093 shares during the last quarter. TCW Group Inc. grew its position in shares of Public Storage by 5.2% in the first quarter. TCW Group Inc. now owns 13,696 shares of the real estate investment trust’s stock valued at $4,099,000 after purchasing an additional 676 shares during the last quarter. Meritage Portfolio Management acquired a new stake in shares of Public Storage in the first quarter valued at approximately $6,775,000. Finally, Jump Financial LLC purchased a new position in shares of Public Storage during the first quarter valued at approximately $1,124,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

NYSE:PSA opened at $310.85 on Thursday. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The company has a market cap of $54.54 billion, a P/E ratio of 33.90, a P/E/G ratio of 5.03 and a beta of 0.89. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $355.87. The firm’s 50 day moving average is $291.52 and its two-hundred day moving average is $292.15.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.23 by $0.05. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. Public Storage’s revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Monday, September 15th. Public Storage’s dividend payout ratio (DPR) is currently 130.86%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PSA shares. JPMorgan Chase & Co. reduced their price objective on shares of Public Storage from $324.00 to $321.00 and set an “overweight” rating on the stock in a research note on Friday, September 12th. Wall Street Zen downgraded shares of Public Storage from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Wells Fargo & Company reduced their price objective on shares of Public Storage from $330.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Public Storage in a research note on Wednesday, October 8th. Finally, Evercore ISI upped their price objective on shares of Public Storage from $312.00 to $317.00 and gave the company a “cautious” rating in a research note on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $324.92.

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.