Nordea Investment Management AB Raises Stake in Public Storage $PSA

Key Points

• Nordea Investment Management AB increased its stake in Public Storage by 38.1% during the second quarter, bringing its total ownership to 29,731 shares valued at approximately $8.58 million.
• Wall Street analysts have mixed views on Public Storage, with price targets ranging from $295.00 to $331.00 and a consensus rating of "Moderate Buy."
• The company declared a quarterly dividend of $3.00 per share, resulting in an annualized yield of 3.8%, although its payout ratio stands at 130.86%.

Nordea Investment Management AB boosted its holdings in Public Storage (NYSE:PSA - Free Report) by 38.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,731 shares of the real estate investment trust's stock after purchasing an additional 8,208 shares during the quarter. Nordea Investment Management AB's holdings in Public Storage were worth $8,584,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. GAMMA Investing LLC increased its position in Public Storage by 16.7% during the 1st quarter. GAMMA Investing LLC now owns 1,754 shares of the real estate investment trust's stock valued at $525,000 after buying an additional 251 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Public Storage by 12.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock worth $13,240,000 after acquiring an additional 4,746 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Public Storage by 96.1% during the first quarter. Blue Trust Inc. now owns 508 shares of the real estate investment trust's stock valued at $152,000 after acquiring an additional 249 shares in the last quarter. Intact Investment Management Inc. purchased a new position in shares of Public Storage in the 1st quarter worth about $60,000. Finally, Stiles Financial Services Inc boosted its stake in Public Storage by 3.5% in the 1st quarter. Stiles Financial Services Inc now owns 10,095 shares of the real estate investment trust's stock worth $3,023,000 after purchasing an additional 346 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Public Storage from $324.00 to $321.00 and set an "overweight" rating for the company in a research note on Friday, September 12th. UBS Group lowered their price target on Public Storage from $305.00 to $295.00 and set a "neutral" rating on the stock in a report on Tuesday, September 16th. Evercore ISI boosted their price objective on shares of Public Storage from $312.00 to $317.00 and gave the company a "cautious" rating in a report on Friday, October 3rd. BNP Paribas upgraded Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, BNP Paribas Exane assumed coverage on shares of Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $324.92.

Public Storage Trading Up 1.3%

Public Storage stock opened at $311.70 on Tuesday. Public Storage has a 12-month low of $256.60 and a 12-month high of $355.87. The firm has a market capitalization of $54.69 billion, a price-to-earnings ratio of 33.99, a P/E/G ratio of 5.02 and a beta of 0.89. The firm has a 50 day moving average of $290.41 and a 200 day moving average of $291.90. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.05. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, research analysts predict 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 Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Monday, September 15th. Public Storage's dividend payout ratio is presently 130.86%.

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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