Federated Hermes Inc. Buys 2,268 Shares of Public Storage (NYSE:PSA)

Federated Hermes Inc. grew its stake in Public Storage (NYSE:PSA - Free Report) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,563 shares of the real estate investment trust's stock after buying an additional 2,268 shares during the period. Federated Hermes Inc. owned approximately 0.07% of Public Storage worth $37,281,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSA. Ameriflex Group Inc. purchased a new stake in shares of Public Storage in the 4th quarter valued at $30,000. Spectrum Wealth Counsel LLC purchased a new stake in shares of Public Storage in the 1st quarter valued at $30,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Public Storage in the 4th quarter valued at $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage in the 1st quarter valued at $36,000. Finally, Parvin Asset Management LLC purchased a new stake in shares of Public Storage in the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Trading Up 2.7%

NYSE PSA traded up $7.40 during trading on Friday, hitting $279.34. The company had a trading volume of 1,539,812 shares, compared to its average volume of 910,449. The company has a current ratio of 1.77, a quick ratio of 0.55 and a debt-to-equity ratio of 2.04. Public Storage has a one year low of $256.60 and a one year high of $369.99. The company has a market cap of $49.00 billion, a price-to-earnings ratio of 30.46, a price-to-earnings-growth ratio of 3.97 and a beta of 0.86. The company's fifty day moving average is $293.68 and its 200-day moving average is $295.85.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 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 business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the business earned $4.23 EPS. The company's revenue for the quarter was up 2.4% on a year-over-year basis. On average, sell-side analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were issued a $3.00 dividend. The ex-dividend date was Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.3%. Public Storage's dividend payout ratio is 119.17%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PSA shares. Evercore ISI upped their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research note on Thursday, April 10th. Royal Bank Of Canada cut their price objective on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a research note on Friday. BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Finally, BNP Paribas Exane initiated coverage on shares of Public Storage in a report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price target for the company. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Public Storage presently has an average rating of "Moderate Buy" and a consensus target price of $335.57.

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.