Credit Agricole S A Increases Stake in Public Storage $PSA

Key Points

• Credit Agricole S A increased its holdings in Public Storage (NYSE: PSA) by 7.5% to reach a total of 44,935 shares, valued at approximately $13.45 million.
• Public Storage reported $4.28 earnings per share for the last quarter, exceeding analysts' expectations of $4.23, with revenues of $1.20 billion.
• Analysts have a consensus rating of "Moderate Buy" for Public Storage, with a target price averaging around $335.43, reflecting optimism for future performance.

Credit Agricole S A lifted its stake in Public Storage (NYSE:PSA - Free Report) by 7.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,935 shares of the real estate investment trust's stock after purchasing an additional 3,154 shares during the period. Credit Agricole S A's holdings in Public Storage were worth $13,449,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Public Storage by 0.7% in 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 purchasing an additional 143,575 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Public Storage by 1.0% in the first quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust's stock worth $894,177,000 after purchasing an additional 30,775 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Public Storage by 1.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust's stock worth $848,425,000 after purchasing an additional 34,718 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Public Storage by 2.8% in the first quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust's stock worth $762,135,000 after purchasing an additional 69,882 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Public Storage by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust's stock worth $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.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and lowered their price objective for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. Evercore ISI upped their price objective on shares of Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a research note on Monday, August 4th. Barclays lowered their price objective on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Scotiabank upped their price objective on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Finally, BNP Paribas Exane assumed 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 for the company. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $335.43.

Public Storage Stock Up 2.3%

Shares of PSA stock traded up $6.72 during mid-day trading on Friday, hitting $293.48. 460,134 shares of the stock traded hands, compared to its average volume of 813,849. The stock has a market cap of $51.49 billion, a P/E ratio of 32.00, a P/E/G ratio of 4.88 and a beta of 0.86. The stock's fifty day moving average is $287.75 and its two-hundred day moving average is $294.48. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77.

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 EPS for the quarter, beating the consensus estimate of $4.23 by $0.05. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities analysts predict that Public Storage will post 16.7 EPS for the current year.

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.