Aberdeen Group plc Has $99.74 Million Holdings in Public Storage $PSA

Key Points

• Aberdeen Group plc increased its stake in Public Storage by 32.8%, acquiring 82,381 additional shares and owning a total of 333,814 shares valued at approximately $99.7 million.
• Public Storage reported earnings per share of $4.28 for the last quarter, exceeding estimates of $4.23, alongside revenue of $1.20 billion.
• Institutional investors hold 78.79% of Public Storage's stock, indicating significant institutional interest in the company.

Aberdeen Group plc boosted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 32.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 333,814 shares of the real estate investment trust's stock after acquiring an additional 82,381 shares during the quarter. Aberdeen Group plc owned about 0.19% of Public Storage worth $99,737,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the business. Rockefeller Capital Management L.P. raised its stake in Public Storage by 4.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 19,390 shares of the real estate investment trust's stock worth $5,806,000 after purchasing an additional 795 shares during the period. Townsquare Capital LLC boosted its position in Public Storage by 13.9% during the 4th quarter. Townsquare Capital LLC now owns 4,535 shares of the real estate investment trust's stock valued at $1,358,000 after purchasing an additional 554 shares during the period. Sagespring Wealth Partners LLC bought a new stake in Public Storage in the 4th quarter valued at about $271,000. Mariner LLC raised its stake in Public Storage by 0.7% during the 4th quarter. Mariner LLC now owns 34,665 shares of the real estate investment trust's stock valued at $10,380,000 after acquiring an additional 228 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Public Storage in the 4th quarter valued at about $657,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PSA shares. BMO Capital Markets lowered Public Storage from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $340.00 to $325.00 in a report on Friday, June 20th. Bank of America upped their price objective on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Wells Fargo & Company decreased their target price on shares of Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, Scotiabank raised their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and an average price target of $335.43.

Public Storage Stock Up 0.8%

PSA stock traded up $2.24 during midday trading on Friday, hitting $283.13. The company's stock had a trading volume of 577,248 shares, compared to its average volume of 857,152. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The firm has a 50-day simple moving average of $289.02 and a 200-day simple moving average of $294.86. The firm has a market capitalization of $49.68 billion, a P/E ratio of 30.88, a PEG ratio of 4.70 and a beta of 0.86. 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 (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the company posted $4.23 EPS. The business's revenue was up 2.4% on a year-over-year basis. As a group, equities analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage 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.