American Assets Investment Management LLC Purchases Shares of 4,225 Public Storage (NYSE:PSA)

Key Points

• American Assets Investment Management LLC has acquired a new stake in Public Storage (NYSE:PSA), purchasing 4,225 shares valued at approximately $1.26 million.
• The company reported a quarterly EPS of $4.28, exceeding analysts' expectations, with a revenue of $1.20 billion for the quarter, marking a 2.4% year-over-year increase.
• Public Storage announced a quarterly dividend of $3.00 per share, yielding approximately 4.15% annually, highlighting a payout ratio of 119.17%.

American Assets Investment Management LLC acquired a new stake in Public Storage (NYSE:PSA - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,225 shares of the real estate investment trust's stock, valued at approximately $1,264,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSA. Northern Trust Corp grew its position 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 acquiring an additional 749,913 shares during the period. Cohen & Steers Inc. grew its position in 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 valued at $1,626,731,000 after acquiring an additional 592,944 shares during the period. GAMMA Investing LLC grew its position in Public Storage by 34,827.1% during the first quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock valued at $157,114,000 after acquiring an additional 523,452 shares during the period. Deutsche Bank AG grew its position in Public Storage by 44.6% during the fourth quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock valued at $421,538,000 after acquiring an additional 433,918 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Public Storage during the fourth quarter valued at about $99,157,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of Public Storage stock traded up $7.40 on Friday, reaching $279.34. 1,539,812 shares of the company were exchanged, compared to its average volume of 910,449. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.55 and a current ratio of 1.77. The company's 50-day moving average is $293.33 and its two-hundred day moving average is $295.77. The firm has a market cap of $49.00 billion, a price-to-earnings ratio of 30.46, a P/E/G ratio of 3.97 and a beta of 0.86. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $1.20 billion. During the same period in the prior year, the company posted $4.23 EPS. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, research analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's dividend payout ratio is 119.17%.

Analysts Set New Price Targets

PSA has been the subject of a number of research reports. Barclays lowered their price target on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Bank of America upped their target price on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. BNP Paribas raised Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Scotiabank boosted their price target on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Finally, Mizuho boosted their price target on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $335.57.

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.