Public Storage (NYSE:PSA) Shares Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. boosted its position in Public Storage (NYSE:PSA - Free Report) by 12.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,131 shares of the real estate investment trust's stock after purchasing an additional 879 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Public Storage were worth $2,434,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PSA. Cohen & Steers Inc. raised its stake in shares of Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after acquiring an additional 592,944 shares in the last quarter. Geode Capital Management LLC grew its holdings in Public Storage by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock worth $1,197,769,000 after purchasing an additional 78,472 shares during the last quarter. Norges Bank acquired a new position in shares of Public Storage during the fourth quarter worth $931,286,000. Northern Trust Corp increased its position in shares of Public Storage by 43.4% during the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after purchasing an additional 749,913 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Public Storage by 10.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust's stock worth $509,803,000 after purchasing an additional 158,665 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

NYSE:PSA traded up $1.43 during mid-day trading on Friday, hitting $290.00. The company's stock had a trading volume of 1,194,232 shares, compared to its average volume of 751,258. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. The stock has a market cap of $50.87 billion, a price-to-earnings ratio of 28.80, a PEG ratio of 4.19 and a beta of 0.89. The business's fifty day moving average is $298.67 and its two-hundred day moving average is $298.14.

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

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.14%. Public Storage's payout ratio is 119.17%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Scotiabank boosted their target price on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Barclays lowered their price target on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday, May 16th. BNP Paribas Exane began coverage on shares of Public Storage in a report on Tuesday. They set an "outperform" rating and a $331.00 price objective on the stock. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a research note on Thursday, April 10th. Finally, BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.