Public Storage $PSA Stake Lifted by Gotham Asset Management LLC

Key Points

• Gotham Asset Management LLC increased its stake in Public Storage by 66.4%, now holding shares valued at approximately $16.65 million following a purchase of 22,192 additional shares in the first quarter.
• Public Storage announced a quarterly dividend of $3.00 per share to be paid on September 30th, which represents a 4.0% annual yield.
• The company reported earnings of $4.28 per share for the last quarter, exceeding estimates and showing a 2.4% year-over-year revenue increase.

Gotham Asset Management LLC lifted its position in shares of Public Storage (NYSE:PSA - Free Report) by 66.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 55,625 shares of the real estate investment trust's stock after purchasing an additional 22,192 shares during the quarter. Gotham Asset Management LLC's holdings in Public Storage were worth $16,648,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of PSA. Baird Financial Group Inc. lifted its position in Public Storage by 2.7% during the 4th quarter. Baird Financial Group Inc. now owns 19,972 shares of the real estate investment trust's stock worth $5,980,000 after acquiring an additional 531 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in Public Storage during the 4th quarter worth approximately $350,000. Captrust Financial Advisors lifted its position in Public Storage by 3.4% during the 4th quarter. Captrust Financial Advisors now owns 9,814 shares of the real estate investment trust's stock worth $2,939,000 after acquiring an additional 321 shares in the last quarter. Cetera Investment Advisers lifted its position in Public Storage by 4.6% during the 4th quarter. Cetera Investment Advisers now owns 46,601 shares of the real estate investment trust's stock worth $13,954,000 after acquiring an additional 2,070 shares in the last quarter. Finally, Cresset Asset Management LLC lifted its position in Public Storage by 200.9% during the 4th quarter. Cresset Asset Management LLC now owns 2,392 shares of the real estate investment trust's stock worth $716,000 after acquiring an additional 1,597 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PSA shares. Wall Street Zen lowered Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Mizuho boosted their price target on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. BNP Paribas raised Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. BNP Paribas Exane initiated coverage on Public Storage in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 target price on the stock. Finally, BMO Capital Markets lowered Public Storage from an "outperform" rating to a "market perform" rating and cut their target price for the company from $340.00 to $325.00 in a research report on Friday, June 20th. 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 data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $331.62.

Public Storage Stock Performance

Shares of PSA stock traded down $4.31 on Tuesday, hitting $290.41. 881,977 shares of the stock traded hands, compared to its average volume of 792,449. 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 $50.95 billion, a PE ratio of 31.67, a PEG ratio of 4.94 and a beta of 0.86. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company's fifty day moving average is $287.81 and its 200 day moving average is $293.77.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.05. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The business's revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, equities research analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given 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 currently 130.86%.

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.