GAMMA Investing LLC Boosts Stake in Public Storage (NYSE:PSA)

GAMMA Investing LLC raised its stake in Public Storage (NYSE:PSA - Free Report) by 34,827.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 524,955 shares of the real estate investment trust's stock after purchasing an additional 523,452 shares during the period. GAMMA Investing LLC owned 0.30% of Public Storage worth $157,114,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Quent Capital LLC boosted its stake in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 50 shares during the last quarter. Ameriflex Group Inc. acquired a new position in Public Storage during the 4th quarter valued at about $30,000. Strategic Investment Solutions Inc. IL acquired a new position in Public Storage during the 4th quarter valued at about $32,000. Synergy Asset Management LLC acquired a new position in Public Storage during the 4th quarter valued at about $38,000. Finally, Millstone Evans Group LLC acquired a new position in Public Storage during the 4th quarter valued at about $38,000. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

NYSE PSA traded down $2.90 on Thursday, hitting $300.39. The stock had a trading volume of 801,119 shares, compared to its average volume of 748,796. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $52.70 billion, a price-to-earnings ratio of 31.19, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. The firm has a 50-day moving average of $295.41 and a 200-day moving average of $302.81.

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, topping the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same period in the prior year, the company posted $4.03 EPS. The business's revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's payout ratio is 119.17%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wells Fargo & Company cut their price target on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Mizuho upped their price objective on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Bank of America upped their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Barclays dropped their target price on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Finally, Evercore ISI upped their price target 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. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $339.25.

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.