Goldman Sachs Group Inc. Has $348.67 Million Position in Public Storage $PSA

Key Points

• Goldman Sachs increased its holdings in Public Storage by 68.9%, owning over 1.16 million shares worth approximately $348.67 million, reflecting strong institutional interest in the company.
• Public Storage recently announced a quarterly dividend of $3.00 per share, with a yield of 4.1%, indicating a robust return for investors amid a competitive market.
• Analysts maintain a consensus rating of "Moderate Buy" for Public Storage, with a price target averaging around $331.62, signaling potential for upside performance.

Goldman Sachs Group Inc. lifted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 68.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,164,992 shares of the real estate investment trust's stock after acquiring an additional 475,342 shares during the quarter. Goldman Sachs Group Inc. owned about 0.66% of Public Storage worth $348,670,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Ameriflex Group Inc. acquired a new position in shares of Public Storage during the fourth quarter valued at approximately $30,000. Spectrum Wealth Counsel LLC acquired a new position in Public Storage in the first quarter worth approximately $30,000. Opal Wealth Advisors LLC acquired a new position in Public Storage in the first quarter worth approximately $36,000. Wayfinding Financial LLC acquired a new position in Public Storage in the first quarter worth approximately $41,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Public Storage during the 4th quarter worth approximately $43,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of PSA traded down $2.21 during trading hours on Friday, reaching $292.71. 690,770 shares of the company traded hands, compared to its average volume of 601,191. The stock's fifty day moving average is $287.40 and its 200 day moving average is $293.48. The stock has a market cap of $51.36 billion, a P/E ratio of 31.92, a price-to-earnings-growth ratio of 4.90 and a beta of 0.86. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 38.13% and a return on equity of 34.06%. The firm's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities research analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.1%. The ex-dividend date is Monday, September 15th. Public Storage's dividend payout ratio is currently 130.86%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. BNP Paribas upgraded Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Scotiabank lowered their price target on shares of Public Storage from $340.00 to $333.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 28th. Mizuho boosted their price target on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $340.00 to $325.00 in a report on Friday, June 20th. Finally, BNP Paribas Exane started coverage on shares of Public Storage in a report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Public Storage has an average rating of "Moderate Buy" and a consensus target price of $331.62.

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.