Caisse DE Depot ET Placement DU Quebec Purchases 14,786 Shares of Public Storage $PSA

Key Points

• Caisse DE Depot ET Placement DU Quebec increased its stake in Public Storage by 7.6%, owning a total of 210,271 shares worth approximately $62.9 million.
• The company reported $4.28 earnings per share for the last quarter, exceeding analysts’ expectations, with a current market cap of $50.90 billion.
• Public Storage has received various ratings updates from analysts, with a consensus rating of "Moderate Buy" and an average target price of $335.43.

Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 210,271 shares of the real estate investment trust's stock after acquiring an additional 14,786 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned approximately 0.12% of Public Storage worth $62,932,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Public Storage by 0.7% during the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock worth $6,206,046,000 after buying an additional 143,575 shares during the last quarter. Wellington Management Group LLP grew its holdings in Public Storage by 1.0% during the first quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust's stock valued at $894,177,000 after purchasing an additional 30,775 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Public Storage by 1.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust's stock valued at $848,425,000 after purchasing an additional 34,718 shares during the last quarter. Northern Trust Corp grew its holdings in Public Storage by 2.8% during the first quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust's stock valued at $762,135,000 after purchasing an additional 69,882 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Public Storage by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust's stock valued at $638,805,000 after purchasing an additional 12,204 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on PSA. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $340.00 to $325.00 in a report on Friday, June 20th. Royal Bank Of Canada lowered their price target on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a report on Friday, August 1st. BNP Paribas Exane began coverage on shares of Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective on the stock. Wells Fargo & Company lowered their price objective on shares of Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 23rd. Finally, Wall Street Zen downgraded shares of Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $334.93.

Public Storage Stock Performance

PSA stock traded up $3.05 during midday trading on Friday, hitting $294.72. The stock had a trading volume of 519,329 shares, compared to its average volume of 794,083. The firm has a market capitalization of $51.71 billion, a price-to-earnings ratio of 32.14, a P/E/G ratio of 4.83 and a beta of 0.86. 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 $287.60 and a 200 day simple moving average of $294.20. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping the consensus estimate of $4.23 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.Public Storage's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business earned $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. 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 company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Monday, September 15th. Public Storage's dividend payout ratio (DPR) is presently 130.86%.

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.