Norges Bank Purchases New Position in Public Storage $PSA

Key Points

• Norges Bank initiated a new position in Public Storage, buying 4.48 million shares worth about $1.16 billion and ending the quarter with roughly 2.56% ownership of the company.
• Public Storage shares were down 1.7% to $304.01, while the stock remains near its 52-week high and has a market value of about $53.37 billion.
• The REIT reported Q1 EPS of $2.71, topping estimates, and announced a quarterly dividend of $3.00 per share payable June 30, equal to an annualized yield of about 3.9%.

Norges Bank purchased a new stake in shares of Public Storage (NYSE:PSA - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 4,484,589 shares of the real estate investment trust's stock, valued at approximately $1,163,751,000. Norges Bank owned about 2.56% of Public Storage at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Meiji Yasuda Asset Management Co Ltd. grew its holdings in shares of Public Storage by 1.7% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,215 shares of the real estate investment trust's stock valued at $575,000 after purchasing an additional 37 shares during the last quarter. Doliver Advisors LP grew its holdings in shares of Public Storage by 1.0% during the 4th quarter. Doliver Advisors LP now owns 4,129 shares of the real estate investment trust's stock valued at $1,071,000 after purchasing an additional 39 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Public Storage by 18.8% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 259 shares of the real estate investment trust's stock valued at $75,000 after purchasing an additional 41 shares during the last quarter. Hilltop Holdings Inc. grew its holdings in shares of Public Storage by 4.7% during the 3rd quarter. Hilltop Holdings Inc. now owns 906 shares of the real estate investment trust's stock valued at $262,000 after purchasing an additional 41 shares during the last quarter. Finally, Synovus Financial Corp grew its holdings in shares of Public Storage by 1.1% during the 3rd quarter. Synovus Financial Corp now owns 3,969 shares of the real estate investment trust's stock valued at $1,147,000 after purchasing an additional 44 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Down 1.7%

PSA opened at $304.01 on Friday. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $313.51. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market capitalization of $53.37 billion, a price-to-earnings ratio of 31.37, a PEG ratio of 4.15 and a beta of 1.00. The company's 50 day moving average price is $294.80 and its two-hundred day moving average price is $285.91.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share for the quarter, topping analysts' consensus estimates of $2.42 by $0.29. Public Storage had a net margin of 39.16% and a return on equity of 37.78%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the firm posted $4.12 EPS. The company's revenue for the quarter was down .1% compared to the same quarter last year. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. As a group, research analysts predict that Public Storage will post 16.9 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, June 15th. Public Storage's dividend payout ratio is currently 123.84%.

Analysts Set New Price Targets

PSA has been the topic of several research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Public Storage in a report on Tuesday, April 21st. Barclays decreased their price target on shares of Public Storage from $352.00 to $349.00 and set an "overweight" rating on the stock in a report on Thursday, May 7th. JPMorgan Chase & Co. decreased their price target on shares of Public Storage from $295.00 to $291.00 and set a "neutral" rating on the stock in a report on Monday, March 23rd. Mizuho boosted their target price on shares of Public Storage from $301.00 to $316.00 and gave the stock a "neutral" rating in a report on Wednesday. Finally, UBS Group boosted their target price on shares of Public Storage from $276.00 to $314.00 and gave the stock a "neutral" rating in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, Public Storage has an average rating of "Hold" and a consensus price target of $316.06.

About Public Storage

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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