Public Storage $PSA Shares Purchased by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its stake in Public Storage (NYSE: PSA) by 0.6%, acquiring an additional 12,204 shares to own 2,134,493 shares valued at approximately $638.8 million.
• Public Storage reported earnings of $4.28 per share, exceeding analyst expectations of $4.23, with a revenue increase of 2.4% from the previous year.
• Institutional investors and hedge funds hold 78.79% of Public Storage's stock, indicating strong institutional interest in the REIT.

Dimensional Fund Advisors LP raised its position in Public Storage (NYSE:PSA - Free Report) by 0.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,134,493 shares of the real estate investment trust's stock after purchasing an additional 12,204 shares during the quarter. Dimensional Fund Advisors LP owned 1.22% of Public Storage worth $638,805,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameriflex Group Inc. purchased a new position in Public Storage during the fourth quarter valued at approximately $30,000. Spectrum Wealth Counsel LLC acquired a new stake in shares of Public Storage during the first quarter worth $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Public Storage during the fourth quarter worth $32,000. Opal Wealth Advisors LLC acquired a new position in Public Storage during the first quarter valued at $36,000. Finally, Parvin Asset Management LLC acquired a new position in Public Storage during the fourth quarter valued at $38,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of Public Storage stock traded up $2.24 on Friday, reaching $283.13. 577,248 shares of the stock were exchanged, compared to its average volume of 857,152. Public Storage has a 1-year low of $256.60 and a 1-year 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. The business has a fifty day moving average price of $289.02 and a two-hundred day moving average price of $294.86. The firm has a market capitalization of $49.68 billion, a PE ratio of 30.88, a PEG ratio of 4.70 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the firm earned $4.23 earnings per share. The company's revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, research analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on PSA shares. 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 report on Monday, August 4th. BNP Paribas Exane started coverage on shares of Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price target for the company. Bank of America increased their price target on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Wells Fargo & Company reduced their target price on shares of Public Storage from $330.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $335.43.

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.