Creekside Partners Invests $320,000 in Public Storage (NYSE:PSA)

VaselineOctober 3, 2024

0 4 minutes read

Creekside Partners acquired a new stake in Public Storage (NYSE:PSA – Free Report) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 1,114 shares of the real estate investment trust’s stock, valued at approximately $320,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Signet Financial Management LLC boosted its holdings in shares of Public Storage by 2.1% in the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after acquiring an additional 39 shares during the last quarter. Assenagon Asset Management SA grew its holdings in Public Storage by 0.9% in the 2nd quarter. Assenagon Asset Management SA now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after buying an additional 39 of shares in the last quarter. Brookstone Capital Management raised its stake in shares of Public Storage by 3.4% in the first quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after purchasing an additional 40 shares during the last quarter. Legacy Wealth Asset Management LLC boosted its holdings in shares of Public Storage by 3.5% in the first quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 42 shares during the last quarter. Finally, Bangor Savings Bank raised its position in shares of Public Storage by 0.8% in the first quarter. Bangor Savings Bank now owns 5,359 shares of the real estate investment trust’s stock valued at $1,554,000 after buying an additional 43 shares in the last quarter. 78.79% of the shares are currently held by hedge funds and other institutional investors.

Public stock trading down 1.3%

Shares of PSA opened at $355.30 on Thursday. The company has a fifty day moving average price of $335.99 and a 200 day moving average price of $299.85. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93, and a quick ratio of 0.93. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $369.99. The stock has a market cap of $62.18 billion, a price-to-earnings ratio of 32.27, a P/E/G ratio of 5.02 and a beta of 0.67.

Want more great investment ideas?

Public Storage (NYSE:PSA – Get Free Report ) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. In the same period last year, the company earned $4.28 per share. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. analysts expect that Public Storage will post 16.75 EPS for the current fiscal year.

Announcement regarding dividends from public deposits

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $3.00 per share. The ex-dividend date was Friday, September 13. This represents a dividend of $12.00 on an annualized basis and a dividend yield of 3.38%. Public Storage’s payout ratio is 108.99%.

Changes in Analyst Ratings

PSA has been the subject of several analyst reports. Royal Bank of Canada assumed coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target on the stock. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Evercore ISI lifted their price objective on Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Jefferies Financial Group boosted their price target on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Barclays upped their target price on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Public Storage has a consensus rating of “Moderate Buy” and an average price target of $337.36, based on data from MarketBeat.com.

Check out our latest public storage research report

About public storage

(Free Report)

Public Storage, a member of the S&P 500 and the FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. As of 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 interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage units located in seven countries in Western Europe with approximately 15 million net leasable square meters, operated under the Shurgard brand.