Banco Santander S.A. Purchases New Stake in Public Storage (NYSE:PSA)

Key Points

• Banco Santander S.A. acquired 4,003 shares of Public Storage (NYSE:PSA) worth approximately $1,198,000 in its latest investment.
• Institutional investors now hold 78.79% of Public Storage's stock, with several major firms significantly increasing their stakes in the company.
• Public Storage recently announced a quarterly dividend of $3.00 per share, translating to an annual yield of 4.3%, despite a high payout ratio of 130.86%.

Banco Santander S.A. purchased a new position in shares of Public Storage (NYSE:PSA - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 4,003 shares of the real estate investment trust's stock, valued at approximately $1,198,000.

A number of other large investors have also recently made changes to their positions in the business. SPC Financial Inc. grew its holdings in shares of Public Storage by 13.1% in the first quarter. SPC Financial Inc. now owns 2,377 shares of the real estate investment trust's stock worth $711,000 after acquiring an additional 275 shares during the period. American Assets Investment Management LLC bought a new stake in shares of Public Storage in the 1st quarter worth about $1,264,000. Natixis Advisors LLC grew its holdings in Public Storage by 9.5% during the 1st quarter. Natixis Advisors LLC now owns 85,683 shares of the real estate investment trust's stock valued at $25,644,000 after purchasing an additional 7,407 shares during the last quarter. NorthRock Partners LLC grew its holdings in Public Storage by 11.1% during the 1st quarter. NorthRock Partners LLC now owns 2,329 shares of the real estate investment trust's stock valued at $697,000 after purchasing an additional 233 shares during the last quarter. Finally, Wellington Shields & Co. LLC bought a new position in Public Storage in the 1st quarter worth about $239,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Up 0.5%

PSA traded up $1.34 during trading hours on Tuesday, hitting $281.92. 919,357 shares of the company's stock were exchanged, compared to its average volume of 995,935. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The firm has a 50 day moving average of $293.01 and a 200 day moving average of $295.69. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. The firm has a market cap of $49.46 billion, a P/E ratio of 30.74, a price-to-earnings-growth ratio of 4.10 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company's revenue was up 2.4% on a year-over-year basis. During the same period last year, the firm posted $4.23 EPS. Analysts predict that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were paid a $3.00 dividend. The ex-dividend date was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.3%. Public Storage's dividend payout ratio (DPR) is 130.86%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PSA. Mizuho increased their price objective on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and reduced their target price for the stock from $340.00 to $325.00 in a report on Friday, June 20th. Royal Bank Of Canada dropped their target price on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research report on Friday. Bank of America lifted their target price 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. Finally, Wall Street Zen lowered shares of Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $335.57.

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.