GF Fund Management CO. LTD. Purchases Shares of 2,862 Public Storage (NYSE:PSA)

GF Fund Management CO. LTD. purchased a new position in shares of Public Storage (NYSE:PSA - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,862 shares of the real estate investment trust's stock, valued at approximately $857,000.

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

Public Storage Trading Down 0.1%

Public Storage stock traded down $0.30 during trading on Friday, hitting $305.72. The company had a trading volume of 222,286 shares, compared to its average volume of 742,657. The stock has a market cap of $53.63 billion, a price-to-earnings ratio of 31.73, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company's 50 day simple moving average is $294.24 and its 200-day simple moving average is $303.80.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The company's quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the business posted $4.03 earnings per share. As a group, analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.93%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

Analyst Ratings Changes

A number of brokerages recently issued reports on PSA. Wells Fargo & Company dropped their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Evercore ISI boosted their target price on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. Mizuho raised their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a report on Wednesday. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective on the stock in a report on Thursday, April 10th. Finally, Royal Bank of Canada lowered their price objective on Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a research report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $339.25.

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.