Caisse DE Depot ET Placement DU Quebec Has $58.54 Million Stake in Public Storage (NYSE:PSA)

Caisse DE Depot ET Placement DU Quebec raised its position in shares of Public Storage (NYSE:PSA - Free Report) by 50.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 195,485 shares of the real estate investment trust's stock after purchasing an additional 65,484 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned 0.11% of Public Storage worth $58,536,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Cohen & Steers Inc. boosted its position in shares of Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after acquiring an additional 592,944 shares during the last quarter. Geode Capital Management LLC grew its stake in Public Storage by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock worth $1,197,769,000 after purchasing an additional 78,472 shares in the last quarter. Norges Bank purchased a new stake in Public Storage in the fourth quarter worth about $931,286,000. Northern Trust Corp increased its holdings in Public Storage by 43.4% during the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock valued at $741,592,000 after buying an additional 749,913 shares during the period. Finally, Invesco Ltd. boosted its position in Public Storage by 2.6% during the fourth quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust's stock valued at $329,159,000 after purchasing an additional 27,693 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PSA has been the subject of a number of research analyst reports. Bank of America upgraded Public Storage from a "neutral" rating to a "buy" rating and raised their target price for the stock from $349.00 to $368.00 in a research note on Tuesday, April 22nd. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a "sell" rating to a "hold" rating and upped their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Evercore ISI increased their price target on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday. Wells Fargo & Company decreased their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Finally, Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a research note on Thursday, April 10th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $333.75.

Public Storage Trading Up 0.0 %

Shares of Public Storage stock traded up $0.11 on Monday, reaching $300.26. 861,338 shares of the company were exchanged, compared to its average volume of 739,527. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The firm has a market capitalization of $52.67 billion, a price-to-earnings ratio of 31.18, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock has a fifty day moving average price of $294.73 and a 200-day moving average price of $307.76.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same period last year, the company posted $4.03 earnings per share. The business's revenue for the quarter was up .1% on a year-over-year basis. On average, analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's payout ratio is 119.17%.

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.