Montrusco Bolton Investments Inc. Boosts Stake in Public Storage $PSA

Montrusco Bolton Investments Inc. grew its stake in shares of Public Storage (NYSE:PSA) by 7.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 769,793 shares of the real estate investment trust’s stock after buying an additional 54,763 shares during the period. Public Storage accounts for 2.4% of Montrusco Bolton Investments Inc.’s portfolio, making the stock its 16th largest position. Montrusco Bolton Investments Inc.’s holdings in Public Storage were worth $220,256,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Public Storage by 12.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust’s stock valued at $13,240,000 after buying an additional 4,746 shares in the last quarter. Brighton Jones LLC raised its position in Public Storage by 9.7% in the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust’s stock worth $517,000 after purchasing an additional 152 shares during the period. Asset Management One Co. Ltd. raised its position in Public Storage by 1.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust’s stock worth $92,960,000 after purchasing an additional 3,627 shares during the period. Private Trust Co. NA raised its position in Public Storage by 228.1% in the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust’s stock worth $640,000 after purchasing an additional 1,487 shares during the period. Finally, Summit Trail Advisors LLC raised its position in Public Storage by 43.3% in the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust’s stock worth $1,083,000 after purchasing an additional 1,093 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on PSA. Barclays decreased their target price on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. JPMorgan Chase & Co. decreased their target price on shares of Public Storage from $324.00 to $321.00 and set an “overweight” rating on the stock in a research report on Friday, September 12th. Scotiabank cut their price target on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 28th. UBS Group cut their price target on shares of Public Storage from $305.00 to $295.00 and set a “neutral” rating on the stock in a report on Tuesday, September 16th. Finally, BMO Capital Markets lowered shares of Public Storage from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $340.00 to $325.00 in a report on Friday, June 20th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $322.92.

Public Storage Price Performance

Shares of Public Storage stock opened at $294.19 on Monday. The company’s fifty day simple moving average is $287.61 and its two-hundred day simple moving average is $291.48. The firm has a market cap of $51.62 billion, a PE ratio of 32.08, a price-to-earnings-growth ratio of 4.88 and a beta of 0.89. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 12-month low of $256.60 and a 12-month high of $355.87.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, equities analysts expect 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 was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.1%. Public Storage’s payout ratio is presently 130.86%.

Public Storage Company Profile

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.