Charles Schwab Investment Management Inc. Boosts Holdings in Public Storage (NYSE:PSA)

Key Points

• Charles Schwab Investment Management Inc. raised its stake in Public Storage (NYSE:PSA) by 1.2% during the first quarter, owning a total of 2,836,477 shares valued at approximately $848.4 million.
• Public Storage reported earnings per share of $4.28 for the latest quarter, surpassing analysts' estimates of $4.23, with a revenue of $1.20 billion.
• Analysts have varied views on Public Storage, with price targets ranging from $320 to $380, and a consensus rating of "Moderate Buy."

Charles Schwab Investment Management Inc. increased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 1.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,836,477 shares of the real estate investment trust's stock after buying an additional 34,718 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.62% of Public Storage worth $848,425,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Ameriflex Group Inc. bought a new position in Public Storage during the 4th quarter worth about $30,000. Spectrum Wealth Counsel LLC bought a new position in Public Storage during the 1st quarter worth about $30,000. Strategic Investment Solutions Inc. IL bought a new position in Public Storage during the 4th quarter worth about $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage during the 1st quarter worth about $36,000. Finally, Parvin Asset Management LLC bought a new position in Public Storage during the 4th quarter worth about $38,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and decreased their price objective for the company from $340.00 to $325.00 in a report on Friday, June 20th. BNP Paribas Exane assumed coverage on Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective for the company. Barclays decreased their price objective on Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a report on Friday. Wells Fargo & Company reduced their price target on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. Finally, Wall Street Zen downgraded shares of Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $335.43.

Public Storage Stock Down 0.2%

Shares of PSA traded down $0.63 on Monday, reaching $281.11. The company's stock had a trading volume of 205,639 shares, compared to its average volume of 807,903. 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 stock has a market capitalization of $49.32 billion, a PE ratio of 30.67, a PEG ratio of 4.11 and a beta of 0.86. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The firm has a fifty day moving average of $291.28 and a 200-day moving average of $295.36.

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

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.