Korea Investment CORP Grows Holdings in Public Storage $PSA

Key Points

• Korea Investment CORP increased its stake in Public Storage (NYSE: PSA) by 10.2%, owning 99,128 shares valued at approximately $29.7 million after acquiring an additional 9,204 shares in the first quarter.
• Public Storage reported earnings of $4.28 per share for the most recent quarter, exceeding estimates by $0.05, and experienced a 2.4% year-over-year revenue growth to $1.20 billion.
• Several institutional investors also raised their positions in Public Storage during the first quarter, with institutional ownership accounting for 78.79% of the company's stock.

Korea Investment CORP boosted its position in Public Storage (NYSE:PSA - Free Report) by 10.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 99,128 shares of the real estate investment trust's stock after purchasing an additional 9,204 shares during the quarter. Korea Investment CORP owned about 0.06% of Public Storage worth $29,668,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Public Storage by 0.7% in the 1st 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 purchasing an additional 143,575 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Public Storage by 1.2% in the 1st 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 buying an additional 34,718 shares during the period. Northern Trust Corp grew its holdings in Public Storage by 2.8% in the 1st quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust's stock valued at $762,135,000 after buying an additional 69,882 shares during the period. Dimensional Fund Advisors LP grew its holdings in Public Storage by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust's stock valued at $638,805,000 after buying an additional 12,204 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Public Storage by 10.3% in the 4th 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 buying an additional 158,665 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on PSA. Wall Street Zen cut Public Storage from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Bank of America increased their target price on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Evercore ISI boosted their target price on Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a report on Monday, August 4th. Barclays decreased their target price on Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Finally, Royal Bank Of Canada decreased their target price on Public Storage from $328.00 to $309.00 and set a "sector perform" rating for the company in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $335.43.

Public Storage Stock Down 1.1%

Shares of Public Storage stock traded down $3.3550 on Monday, hitting $290.3550. 67,427 shares of the company's stock traded hands, compared to its average volume of 795,915. The stock has a market cap of $50.94 billion, a P/E ratio of 31.66, a PEG ratio of 4.88 and a beta of 0.86. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The firm's 50-day moving average is $287.75 and its 200 day moving average is $294.43. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating the consensus estimate of $4.23 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the business posted $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

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.