KBC Group NV Reduces Position in Public Storage (NYSE:PSA)

KBC Group NV lowered its stake in Public Storage (NYSE:PSA - Free Report) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 202,268 shares of the real estate investment trust's stock after selling 1,773 shares during the period. KBC Group NV owned 0.12% of Public Storage worth $60,537,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSA. Ameriflex Group Inc. acquired a new position in Public Storage in the fourth quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new position in Public Storage during the fourth quarter worth about $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage during the 1st quarter worth approximately $36,000. Millstone Evans Group LLC acquired a new position in Public Storage during the fourth quarter worth $38,000. Finally, Parvin Asset Management LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at about $38,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Price Performance

Public Storage stock opened at $290.00 on Monday. The business has a 50 day simple moving average of $298.55 and a 200-day simple moving average of $297.54. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. The stock has a market capitalization of $50.87 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 4.19 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last released 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. The company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The firm's quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.03 EPS. Equities analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research report on Thursday, April 10th. BNP Paribas Exane started coverage on shares of Public Storage in a research note on Tuesday, June 24th. They set an "outperform" rating and a $331.00 target price on the stock. Bank of America increased their price target on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Scotiabank lifted their price objective 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. Finally, Barclays lowered their price target on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $337.64.

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.

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