Allspring Global Investments Holdings LLC Increases Position in Public Storage (NYSE:PSA)

Allspring Global Investments Holdings LLC increased its position in Public Storage (NYSE:PSA - Free Report) by 37.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 215,113 shares of the real estate investment trust's stock after purchasing an additional 58,069 shares during the period. Allspring Global Investments Holdings LLC owned 0.12% of Public Storage worth $64,289,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Ameriflex Group Inc. acquired a new position in Public Storage in the fourth quarter worth about $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Public Storage during the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage in the 1st quarter worth approximately $36,000. Millstone Evans Group LLC bought a new position in Public Storage in the 4th quarter worth approximately $38,000. Finally, Parvin Asset Management LLC bought a new position in Public Storage in the 4th quarter worth approximately $38,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

PSA opened at $290.00 on Monday. The stock has a fifty day moving average of $298.55 and a 200-day moving average of $297.54. The firm has a market capitalization of $50.87 billion, a P/E ratio of 28.80, a PEG ratio of 4.19 and a beta of 0.89. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) 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 36.50% and a net margin of 41.74%. The company's revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.03 earnings per share. Equities analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.14%. Public Storage's dividend payout ratio is 119.17%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PSA shares. Bank of America increased their price objective on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a report on Thursday, April 10th. Scotiabank increased their price target on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. BMO Capital Markets lowered Public Storage from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Finally, Evercore ISI increased their price target on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Six analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $337.64.

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.

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