Cullen Frost Bankers Inc. Raises Holdings in Public Storage (NYSE:PSA)

Cullen Frost Bankers Inc. grew its holdings in Public Storage (NYSE:PSA) by 0.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,566 shares of the real estate investment trust’s stock after buying an additional 195 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Public Storage were worth $7,493,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. EdgeRock Capital LLC purchased a new stake in shares of Public Storage during the 4th quarter worth $32,000. Private Ocean LLC boosted its holdings in Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 109 shares in the last quarter. Centerpoint Advisors LLC acquired a new position in Public Storage during the fourth quarter worth about $35,000. Turtle Creek Wealth Advisors LLC purchased a new position in Public Storage in the fourth quarter valued at about $35,000. Finally, Aspire Private Capital LLC increased its holdings in Public Storage by 44.0% in the third 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 in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Down 1.5 %

NYSE PSA opened at $269.12 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The business has a 50 day moving average price of $276.12 and a two-hundred day moving average price of $276.24. The stock has a market cap of $47.28 billion, a PE ratio of 24.44, a P/E/G ratio of 3.49 and a beta of 0.57.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the company earned $4.16 earnings per share. The business’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts predict that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.46%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target on the stock. BMO Capital Markets raised their price target on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. 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 research report on Monday, March 18th. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a report on Thursday, March 28th. Finally, Barclays started coverage on shares of Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

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.