Cubist Systematic Strategies LLC Buys 40,253 Shares of Public Storage $PSA

Key Points

• Cubist Systematic Strategies LLC significantly increased its holdings in Public Storage by acquiring 40,253 shares, raising their position by 5,031.6% to a total of 41,053 shares worth approximately $12.3 million.
• Public Storage has set its FY 2025 EPS guidance between 16.450 and 17.00, with the latest earnings report showing an EPS of $4.28, exceeding estimates.
• The firm will pay a quarterly dividend of $3.00 per share on September 30th, translating to an annualized dividend of $12.00 and a yield of 4.1%, though its payout ratio is notably high at 130.86%.

Cubist Systematic Strategies LLC raised its position in Public Storage (NYSE:PSA - Free Report) by 5,031.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 41,053 shares of the real estate investment trust's stock after purchasing an additional 40,253 shares during the period. Cubist Systematic Strategies LLC's holdings in Public Storage were worth $12,287,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSA. Mercer Global Advisors Inc. ADV lifted its position in shares of Public Storage by 82.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 22,371 shares of the real estate investment trust's stock worth $6,699,000 after purchasing an additional 10,102 shares during the period. AXA S.A. boosted its stake in Public Storage by 17.8% during the fourth quarter. AXA S.A. now owns 28,288 shares of the real estate investment trust's stock worth $8,471,000 after acquiring an additional 4,280 shares in the last quarter. Aptus Capital Advisors LLC boosted its stake in Public Storage by 12.1% during the fourth quarter. Aptus Capital Advisors LLC now owns 28,373 shares of the real estate investment trust's stock worth $8,496,000 after acquiring an additional 3,059 shares in the last quarter. Bank of America Corp DE grew its holdings in Public Storage by 4.4% in the fourth quarter. Bank of America Corp DE now owns 898,537 shares of the real estate investment trust's stock worth $269,058,000 after purchasing an additional 38,276 shares during the period. Finally, Baird Financial Group Inc. increased its stake in Public Storage by 2.7% in the fourth quarter. Baird Financial Group Inc. now owns 19,972 shares of the real estate investment trust's stock valued at $5,980,000 after purchasing an additional 531 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of research analyst reports. BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their price objective for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Evercore ISI raised their price objective on Public Storage from $308.00 to $309.00 and gave the company an "in-line" rating in a research note on Monday, August 4th. Bank of America boosted their price objective on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Mizuho boosted their price objective on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Finally, Royal Bank Of Canada decreased their price objective on Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Public Storage presently has a consensus rating of "Moderate Buy" and an average price target of $331.62.

Public Storage Stock Up 0.2%

Shares of NYSE PSA traded up $0.44 during trading on Thursday, hitting $292.20. The stock had a trading volume of 692,968 shares, compared to its average volume of 792,978. Public Storage has a 12 month low of $256.60 and a 12 month 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. The company has a market capitalization of $51.27 billion, a PE ratio of 31.86, a PEG ratio of 4.89 and a beta of 0.86. The firm has a fifty day moving average of $287.56 and a two-hundred day moving average of $293.96.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) 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 analyst estimates of $1.20 billion. During the same quarter in the prior year, the business posted $4.23 EPS. The business's revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, equities research analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $3.00 per share. The ex-dividend date is Monday, September 15th. This represents a $12.00 annualized dividend and a yield of 4.1%. Public Storage's dividend payout ratio is presently 130.86%.

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.