D. E. Shaw & Co. Inc. Has $7.52 Million Stock Position in Public Storage (NYSE:PSA)

D. E. Shaw & Co. Inc. grew its position in Public Storage (NYSE:PSA - Free Report) by 249.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,105 shares of the real estate investment trust's stock after purchasing an additional 17,923 shares during the quarter. D. E. Shaw & Co. Inc.'s holdings in Public Storage were worth $7,517,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Cohen & Steers Inc. boosted its holdings in shares of Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after acquiring an additional 592,944 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Public Storage by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock valued at $1,197,769,000 after purchasing an additional 78,472 shares during the period. Norges Bank acquired a new position in shares of Public Storage in the fourth quarter worth about $931,286,000. Northern Trust Corp boosted its stake in shares of Public Storage by 43.4% during the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after acquiring an additional 749,913 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in Public Storage by 44.6% in the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock worth $421,538,000 after purchasing an additional 433,918 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PSA shares. Barclays decreased their target price on Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research report on Friday. Mizuho assumed coverage on Public Storage in a report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 target price for the company. Bank of America upped their target price on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Wells Fargo & Company dropped their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Finally, Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a report on Thursday, April 10th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Public Storage presently has an average rating of "Moderate Buy" and an average target price of $337.42.

Public Storage Stock Performance

PSA stock traded down $0.07 during midday trading on Monday, hitting $309.08. The stock had a trading volume of 505,927 shares, compared to its average volume of 744,204. The firm has a market capitalization of $54.22 billion, a price-to-earnings ratio of 32.10, a P/E/G ratio of 4.91 and a beta of 0.91. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The stock has a 50-day simple moving average of $293.46 and a 200 day simple moving average of $305.41. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The firm's quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the company posted $4.03 earnings per share. As a group, equities research analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's dividend payout ratio (DPR) 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.