Perpetual Ltd Buys 33,645 Shares of Public Storage (NYSE:PSA)

Perpetual Ltd boosted its stake in Public Storage (NYSE:PSA - Free Report) by 33.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,118 shares of the real estate investment trust's stock after purchasing an additional 33,645 shares during the quarter. Perpetual Ltd owned about 0.08% of Public Storage worth $39,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Shum Financial Group Inc. raised its stake in Public Storage by 1.7% in the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock valued at $625,000 after purchasing an additional 35 shares in the last quarter. Lido Advisors LLC raised its stake in Public Storage by 0.9% in the fourth quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock valued at $1,287,000 after purchasing an additional 39 shares in the last quarter. Integrated Advisors Network LLC raised its stake in Public Storage by 1.4% in the fourth quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust's stock valued at $918,000 after purchasing an additional 41 shares in the last quarter. Atlas Brown Inc. raised its stake in Public Storage by 2.1% in the first quarter. Atlas Brown Inc. now owns 2,176 shares of the real estate investment trust's stock valued at $651,000 after purchasing an additional 45 shares in the last quarter. Finally, CVA Family Office LLC raised its stake in Public Storage by 24.6% in the first quarter. CVA Family Office LLC now owns 238 shares of the real estate investment trust's stock valued at $71,000 after purchasing an additional 47 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Barclays reduced their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. 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 on the stock. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a research report on Thursday, April 10th. Finally, Scotiabank increased their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and an average target price of $337.64.

Public Storage Trading Up 1.3%

Shares of Public Storage stock traded up $3.90 on Monday, hitting $293.78. The stock had a trading volume of 1,255,264 shares, compared to its average volume of 748,502. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. Public Storage has a one year low of $256.60 and a one year high of $369.99. The stock has a market cap of $51.54 billion, a price-to-earnings ratio of 29.17, a PEG ratio of 4.19 and a beta of 0.89. The stock's 50-day simple moving average is $298.68 and its two-hundred day simple moving average is $297.38.

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

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is currently 119.17%.

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.