Citigroup Inc. Boosts Stake in Public Storage (NYSE:PSA)

Key Points

• Citigroup Inc. increased its stake in Public Storage by 48.6% during the first quarter, acquiring an additional 59,279 shares to hold a total of 181,131 shares valued at approximately $54.2 million.
• Public Storage reported $4.28 earnings per share for the last quarter, surpassing analysts' expectations of $4.23 and showing a 2.4% revenue increase compared to the previous year.
• Equities analysts have mixed ratings on Public Storage, with a consensus rating of "Moderate Buy" and a consensus price target of $335.43.

Citigroup Inc. grew its position in shares of Public Storage (NYSE:PSA - Free Report) by 48.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 181,131 shares of the real estate investment trust's stock after acquiring an additional 59,279 shares during the period. Citigroup Inc. owned about 0.10% of Public Storage worth $54,211,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PSA. Northern Trust Corp grew its stake in shares of Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after buying an additional 749,913 shares during the last quarter. Cohen & Steers Inc. grew its stake in shares of Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after buying an additional 592,944 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Public Storage by 34,827.1% in the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock worth $157,114,000 after buying an additional 523,452 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Public Storage by 44.6% in the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock worth $421,538,000 after buying an additional 433,918 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Public Storage in the 4th quarter worth approximately $99,157,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Wall Street Zen downgraded Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. BNP Paribas Exane started coverage on Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price target on the stock. Royal Bank Of Canada lowered their price objective on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research report on Friday, August 1st. Evercore ISI upped their price objective on Public Storage from $308.00 to $309.00 and gave the company an "in-line" rating in a research report on Monday, August 4th. Finally, Wells Fargo & Company lowered their price objective on Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $335.43.

Public Storage Price Performance

Shares of Public Storage stock traded up $0.67 during trading hours on Tuesday, reaching $280.42. The stock had a trading volume of 744,295 shares, compared to its average volume of 914,184. The stock's 50 day moving average is $290.22 and its 200 day moving average is $295.17. The firm has a market capitalization of $49.20 billion, a PE ratio of 30.58, a PEG ratio of 4.64 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 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 released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm earned $4.23 EPS. The company's revenue for the quarter was up 2.4% on a year-over-year basis. Equities analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal 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.