FJ Capital Management LLC Acquires New Position in Public Storage $PSA

Key Points

• FJ Capital Management LLC has acquired a new position in Public Storage, purchasing 3,196 shares valued at approximately $957,000 in the first quarter.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Public Storage, with a price target averaging at $331.62, reflecting confidence in the company's growth potential.
• The company announced a quarterly dividend of $3.00 per share, representing a 4.1% dividend yield, with a payout ratio of 130.86%.

FJ Capital Management LLC acquired a new stake in shares of Public Storage (NYSE:PSA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 3,196 shares of the real estate investment trust's stock, valued at approximately $957,000.

A number of other hedge funds also recently made changes to their positions in PSA. Nuveen LLC bought a new position in shares of Public Storage during the 1st quarter valued at approximately $271,196,000. GAMMA Investing LLC grew its stake in shares of Public Storage by 34,827.1% during the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock valued at $157,114,000 after acquiring an additional 523,452 shares during the period. Deutsche Bank AG grew its stake in shares of Public Storage by 44.6% during the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock valued at $421,538,000 after acquiring an additional 433,918 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Public Storage during the 4th quarter valued at approximately $99,157,000. Finally, Point72 Asset Management L.P. bought a new position in shares of Public Storage during the 4th quarter valued at approximately $60,742,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PSA. Evercore ISI boosted 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. Royal Bank Of Canada dropped their price target on Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a research note on Friday, August 1st. Scotiabank dropped their price target on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating for the company in a research note on Thursday. Mizuho upped their price target on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Finally, BNP Paribas upgraded Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and a consensus price target of $331.62.

Public Storage Trading Up 1.0%

PSA stock opened at $294.72 on Monday. Public Storage has a 1-year low of $256.60 and a 1-year 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 $51.71 billion, a price-to-earnings ratio of 32.14, a PEG ratio of 4.89 and a beta of 0.86. The business has a 50 day simple moving average of $287.69 and a two-hundred day simple moving average of $294.04.

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

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Public Storage's dividend payout ratio is 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.

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