Nuveen LLC Acquires Shares of 906,130 Public Storage (NYSE:PSA)

Key Points

• Nuveen LLC has made a significant investment in Public Storage (NYSE:PSA), acquiring 906,130 shares valued at approximately $271.20 million, representing about 0.52% ownership of the company.
• Additional institutional investors have also increased their stakes in Public Storage, with a notable 43.4% increase by Northern Trust Corp and Vanguard Group owning over $6 billion worth of shares as of the latest quarter.
• Public Storage reported an EPS of $4.28 for the last quarter, slightly exceeding analysts' expectations, while its stock maintains a market capitalization of $49.46 billion and is trading within a 52-week range of $256.60 to $369.99.

Nuveen LLC acquired a new stake in Public Storage (NYSE:PSA - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 906,130 shares of the real estate investment trust's stock, valued at approximately $271,196,000. Nuveen LLC owned 0.52% of Public Storage at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameriflex Group Inc. acquired a new position in shares of Public Storage in the 4th quarter valued at about $30,000. Spectrum Wealth Counsel LLC acquired a new position in shares of Public Storage in the 1st quarter valued at about $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage in the 4th quarter valued at about $32,000. Opal Wealth Advisors LLC acquired a new position in Public Storage during the 1st quarter worth approximately $36,000. Finally, Parvin Asset Management LLC acquired a new position in Public Storage during the 4th quarter worth approximately $38,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PSA shares. Bank of America upped their price target on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. BNP Paribas Exane started coverage on Public Storage in a research note on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price target on the stock. Royal Bank Of Canada dropped their price target on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research note on Friday, August 1st. Evercore ISI upped their price target on Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a research note on Monday, August 4th. Finally, BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $335.43.

Public Storage Stock Performance

Shares of PSA stock traded up $0.67 during trading on Tuesday, hitting $280.42. The company's stock had a trading volume of 744,295 shares, compared to its average volume of 914,184. The company has a market cap of $49.20 billion, a PE ratio of 30.58, a P/E/G ratio of 4.64 and a beta of 0.86. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. The business has a fifty day moving average of $290.22 and a 200-day moving average of $295.17. 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 earnings per share (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 analyst estimates of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%. Public Storage's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $4.23 earnings per share. As a group, research analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage 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.