Centersquare Investment Management LLC Raises Stake in Public Storage (NYSE:PSA)

Key Points

• Centersquare Investment Management LLC increased its stake in Public Storage (NYSE:PSA) by 13.6% during the 1st quarter, acquiring an additional 103,432 shares, bringing its total holdings to 862,916 shares.
• Analysts have mixed views on Public Storage, with Bank of America raising its price target to $380.00 while others have downgraded their ratings, resulting in an average rating of "Moderate Buy" and a target price of $335.57.
• Public Storage reported earnings of $4.28 per share for the most recent quarter, surpassing analysts' estimates and showing a 2.4% increase in quarterly revenue compared to the same period last year.

Centersquare Investment Management LLC raised its position in Public Storage (NYSE:PSA - Free Report) by 13.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 862,916 shares of the real estate investment trust's stock after buying an additional 103,432 shares during the quarter. Public Storage accounts for 2.7% of Centersquare Investment Management LLC's holdings, making the stock its 14th biggest holding. Centersquare Investment Management LLC owned 0.49% of Public Storage worth $258,262,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of PSA. Wells Fargo & Company MN grew its holdings in shares of Public Storage by 1.9% during the 4th quarter. Wells Fargo & Company MN now owns 368,831 shares of the real estate investment trust's stock worth $110,443,000 after purchasing an additional 6,703 shares in the last quarter. Wedbush Securities Inc. lifted its position in Public Storage by 12.4% during the fourth quarter. Wedbush Securities Inc. now owns 1,428 shares of the real estate investment trust's stock worth $428,000 after purchasing an additional 157 shares during the period. Polymer Capital Management US LLC acquired a new stake in Public Storage during the fourth quarter worth about $209,000. Invesco Ltd. increased its holdings in Public Storage by 2.6% in the 4th quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust's stock valued at $329,159,000 after buying an additional 27,693 shares during the period. Finally, Twin Capital Management Inc. raised its position in shares of Public Storage by 3.6% in the 4th quarter. Twin Capital Management Inc. now owns 4,431 shares of the real estate investment trust's stock valued at $1,327,000 after buying an additional 152 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Performance

Shares of NYSE:PSA traded down $2.01 during midday trading on Friday, reaching $281.88. 434,986 shares of the company traded hands, compared to its average volume of 812,031. 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 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The firm has a market capitalization of $49.45 billion, a price-to-earnings ratio of 30.74, a price-to-earnings-growth ratio of 4.11 and a beta of 0.86. The firm's fifty day moving average price is $291.79 and its two-hundred day moving average price is $295.41.

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 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 company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the firm earned $4.23 earnings per share. Public Storage's revenue was up 2.4% on a year-over-year basis. On average, equities analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PSA. Evercore ISI upped their price target on shares of Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a report on Monday. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a research note on Thursday, April 10th. Wall Street Zen lowered Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and dropped their price objective for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Finally, Royal Bank Of Canada reduced their price objective on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research note on Friday, August 1st. 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $335.43.

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.