Invesco Ltd. Boosts Stock Holdings in Public Storage (NYSE:PSA)

Key Points

• Invesco Ltd. has increased its stake in Public Storage (NYSE:PSA) by 1.6% during the first quarter, owning a total of 1,116,537 shares valued at approximately $334.17 million.
• Several other hedge funds, including Vanguard Group and Cohen & Steers, have also boosted their holdings in Public Storage, with a reported 78.79% of the stock owned by institutional investors.
• Public Storage reported an EPS of $4.28 for the last quarter, exceeding analysts' expectations, and has a consensus rating of "Moderate Buy" with an average price target of $335.43.

Invesco Ltd. raised its stake in Public Storage (NYSE:PSA - Free Report) by 1.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,116,537 shares of the real estate investment trust's stock after buying an additional 17,288 shares during the period. Invesco Ltd. owned approximately 0.64% of Public Storage worth $334,168,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Public Storage by 0.7% in the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock valued at $6,206,046,000 after buying an additional 143,575 shares in the last quarter. Cohen & Steers Inc. increased its holdings in Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after buying an additional 592,944 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Public Storage by 1.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust's stock valued at $848,425,000 after purchasing an additional 34,718 shares during the last quarter. Northern Trust Corp grew its position in shares of Public Storage by 43.4% in the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock valued at $741,592,000 after purchasing an additional 749,913 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Public Storage by 10.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust's stock valued at $509,803,000 after purchasing an additional 158,665 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PSA. Royal Bank Of Canada lowered their price target on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research report on Friday, August 1st. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Wall Street Zen lowered shares of Public Storage from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Evercore ISI increased their price target on shares of Public Storage from $308.00 to $309.00 and gave the company an "in-line" rating in a research report on Monday, August 4th. Finally, Scotiabank raised their target price on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $335.43.

Public Storage Stock Performance

Shares of PSA stock opened at $279.81 on Tuesday. The company's fifty day simple moving average is $290.68 and its 200-day simple moving average is $295.28. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. The company has a market cap of $49.09 billion, a PE ratio of 30.51, a P/E/G ratio of 4.11 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter last year, the firm posted $4.23 EPS. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Public Storage will post 16.7 EPS for the current year.

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.

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