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Ontario Teachers Pension Plan Board Purchases 4,562 Shares of Public Storage (NYSE:PSA)

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Key Points

  • Ontario Teachers Pension Plan Board increased its stake in Public Storage by 56.9% during the first quarter, acquiring an additional 4,562 shares and bringing its total holdings to 12,576 shares valued at approximately $3.76 million.
  • Public Storage reported an earnings per share (EPS) of $4.28 for the last quarter, exceeding analysts' expectations of $4.23, and revenues totaled $1.20 billion, with a 2.4% increase compared to the previous year.
  • Analysts have varied opinions on Public Storage, with ratings ranging from strong buy to sell, and a consensus target price of $335.57 reflecting a Moderate Buy rating.
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Ontario Teachers Pension Plan Board raised its position in shares of Public Storage (NYSE:PSA - Free Report) by 56.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,576 shares of the real estate investment trust's stock after purchasing an additional 4,562 shares during the period. Ontario Teachers Pension Plan Board's holdings in Public Storage were worth $3,764,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

PSA has been the topic of several analyst reports. Royal Bank Of Canada dropped their price target on shares of 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. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $340.00 to $325.00 in a report on Friday, June 20th. BNP Paribas Exane began coverage on shares of Public Storage in a report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective for the company. Finally, Evercore ISI increased their target price on shares of Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a research report on Monday, August 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $335.43.

Get Our Latest Stock Analysis on PSA

Public Storage Trading Down 0.7%

Shares of NYSE PSA traded down $2.01 during mid-day trading on Friday, hitting $281.88. The company's stock had a trading volume of 434,986 shares, compared to its average volume of 964,392. The stock has a market cap of $49.45 billion, a price-to-earnings ratio of 30.74, a price-to-earnings-growth ratio of 4.14 and a beta of 0.86. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. Public Storage has a one year low of $256.60 and a one year high of $369.99. The company's fifty day simple moving average is $291.28 and its 200-day simple moving average is $295.30.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same quarter last year, the firm earned $4.23 EPS. Public Storage's quarterly revenue was up 2.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

About Public Storage

(Free Report)

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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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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