DekaBank Deutsche Girozentrale Boosts Stock Position in Public Storage (NYSE:PSA)

DekaBank Deutsche Girozentrale raised its position in Public Storage (NYSE:PSA - Free Report) by 5.3% 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 134,169 shares of the real estate investment trust's stock after buying an additional 6,765 shares during the quarter. DekaBank Deutsche Girozentrale owned 0.08% of Public Storage worth $38,771,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of Public Storage by 12.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock valued at $13,240,000 after acquiring an additional 4,746 shares during the period. Brighton Jones LLC increased its holdings in Public Storage by 9.7% in the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock worth $517,000 after purchasing an additional 152 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in shares of Public Storage by 1.2% in the first quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock valued at $92,960,000 after buying an additional 3,627 shares during the period. Private Trust Co. NA increased its stake in shares of Public Storage by 228.1% in the first quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock valued at $640,000 after buying an additional 1,487 shares during the period. Finally, Summit Trail Advisors LLC increased its stake in shares of Public Storage by 43.3% in the first quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock valued at $1,083,000 after buying an additional 1,093 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Up 0.1%

Shares of NYSE PSA traded up $0.34 during midday trading on Friday, reaching $289.18. The company had a trading volume of 729,997 shares, compared to its average volume of 758,344. Public Storage has a one year low of $256.60 and a one year high of $369.99. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The firm's fifty day moving average price is $298.40 and its 200-day moving average price is $296.96. The stock has a market cap of $50.73 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 4.18 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same period in the previous year, the firm earned $4.03 earnings per share. The business's revenue was up .1% compared to the same quarter last year. On average, equities research analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were paid a $3.00 dividend. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. Public Storage's payout ratio is currently 119.17%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PSA shares. Barclays cut their price target on Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. BNP Paribas raised Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Scotiabank raised their target price on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a research report on Thursday, April 10th. Finally, BNP Paribas Exane initiated coverage on Public Storage in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price target for the company. Six analysts have rated the stock with 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, Public Storage presently has an average rating of "Moderate Buy" and an average price target of $337.64.

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.