Los Angeles Capital Management LLC Acquires 60,984 Shares of Public Storage (NYSE:PSA)

Los Angeles Capital Management LLC raised its stake in Public Storage (NYSE:PSA - Free Report) by 782.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 68,780 shares of the real estate investment trust's stock after acquiring an additional 60,984 shares during the quarter. Los Angeles Capital Management LLC's holdings in Public Storage were worth $20,585,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Ameriflex Group Inc. purchased a new stake in Public Storage in the 4th quarter valued at $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Public Storage during the 4th quarter worth about $32,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the 1st quarter worth approximately $36,000. Millstone Evans Group LLC purchased a new position in Public Storage during the 4th quarter worth approximately $38,000. Finally, Parvin Asset Management LLC purchased a new position in shares of Public Storage in the 4th quarter valued at approximately $38,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

NYSE:PSA traded up $0.47 during mid-day trading on Monday, hitting $284.53. The stock had a trading volume of 882,130 shares, compared to its average volume of 768,532. The stock has a market cap of $49.92 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 4.14 and a beta of 0.86. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The company's 50 day simple moving average is $296.64 and its 200 day simple moving average is $296.37.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The firm's quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the firm posted $4.03 earnings per share. On average, equities research analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.22%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

Analyst Ratings Changes

PSA has been the subject of a number of analyst reports. BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $340.00 to $325.00 in a report on Friday, June 20th. BNP Paribas raised Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective on the stock in a research note on Thursday, April 10th. Bank of America upped their price objective on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, BNP Paribas Exane initiated coverage on Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price target on the stock. Six equities 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. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average 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.