Legal & General Group Plc Boosts Stake in Public Storage $PSA

Key Points

• Legal & General Group Plc increased its stake in Public Storage by 4.5% in the fourth quarter, adding 83,916 shares to bring its total to 1,951,779 shares valued at about $506.5 million.
• Several other major institutions also boosted holdings, including Vanguard, AQR, Barclays and JPMorgan, and institutional investors now own 78.79% of Public Storage’s stock.
• Public Storage reported better-than-expected quarterly earnings of $2.71 per share and declared a $3.00 quarterly dividend, while analysts currently rate the stock a consensus "Hold" with an average price target of $314.33.

Legal & General Group Plc grew its position in shares of Public Storage (NYSE:PSA - Free Report) by 4.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,951,779 shares of the real estate investment trust's stock after acquiring an additional 83,916 shares during the period. Legal & General Group Plc owned about 1.11% of Public Storage worth $506,487,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PSA. Vanguard Group Inc. grew its holdings in shares of Public Storage by 9.9% during the 4th quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust's stock worth $6,576,534,000 after acquiring an additional 2,274,397 shares during the period. AQR Capital Management LLC grew its holdings in shares of Public Storage by 498.7% during the 2nd quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust's stock worth $166,970,000 after acquiring an additional 481,872 shares during the period. Centersquare Investment Management LLC grew its holdings in shares of Public Storage by 38.0% during the 3rd quarter. Centersquare Investment Management LLC now owns 1,145,607 shares of the real estate investment trust's stock worth $330,909,000 after acquiring an additional 315,370 shares during the period. Barclays PLC grew its holdings in shares of Public Storage by 93.8% during the 3rd quarter. Barclays PLC now owns 602,959 shares of the real estate investment trust's stock worth $174,165,000 after acquiring an additional 291,895 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Public Storage by 5.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust's stock worth $963,177,000 after acquiring an additional 177,421 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PSA shares. Jefferies Financial Group upped their target price on Public Storage from $350.00 to $355.00 and gave the stock a "buy" rating in a report on Wednesday, May 20th. Bank of America downgraded Public Storage from a "buy" rating to a "neutral" rating and set a $310.00 price target on the stock. in a research note on Thursday, February 5th. Barclays cut their price target on Public Storage from $352.00 to $349.00 and set an "overweight" rating on the stock in a research note on Thursday, May 7th. UBS Group upped their price target on Public Storage from $276.00 to $314.00 and gave the stock a "neutral" rating in a research note on Monday, May 18th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Public Storage in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, Public Storage presently has an average rating of "Hold" and an average price target of $314.33.

Public Storage Stock Performance

Public Storage stock opened at $304.96 on Tuesday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 2.02. The company has a market capitalization of $53.54 billion, a P/E ratio of 31.47, a PEG ratio of 4.17 and a beta of 1.00. The stock's 50 day moving average is $293.32 and its 200 day moving average is $285.14. Public Storage has a twelve month low of $256.54 and a twelve month high of $313.51.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.29. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The firm's quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.12 EPS. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. On average, equities research analysts predict that Public Storage will post 16.89 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, June 30th. Investors of record on Monday, June 15th will be given a $3.00 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $12.00 annualized dividend and a yield of 3.9%. Public Storage's dividend payout ratio is 123.84%.

Public Storage Company Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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