Perpetual Ltd Boosts Stock Holdings in Public Storage (NYSE:PSA)

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

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Public Storage by 30.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after purchasing an additional 31,662 shares in the last quarter. Brighton Jones LLC lifted its holdings in Public Storage by 9.7% in the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock valued at $517,000 after purchasing an additional 152 shares in the last quarter. Meridian Wealth Management LLC acquired a new stake in Public Storage during the 4th quarter worth $395,000. Aew Capital Management L P boosted its stake in Public Storage by 108.6% during the 4th quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust's stock worth $131,574,000 after purchasing an additional 228,740 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in shares of Public Storage by 53.5% during the fourth quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust's stock worth $5,759,000 after buying an additional 6,706 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Price Performance

PSA stock opened at $288.90 on Friday. The business has a fifty day moving average of $298.67 and a two-hundred day moving average of $298.14. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The stock has a market cap of $50.68 billion, a price-to-earnings ratio of 28.69, a price-to-earnings-growth ratio of 4.19 and a beta of 0.89. 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 quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping analysts' consensus estimates 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 was up .1% compared to the same quarter last year. During the same period in the prior year, the business posted $4.03 EPS. As a group, research analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be issued a $3.00 dividend. The ex-dividend date is Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. Public Storage's dividend payout ratio is currently 119.17%.

Wall Street Analyst Weigh In

PSA has been the topic of several research reports. BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and decreased their price target for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. Barclays dropped their price objective on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a research note on Thursday, April 10th. Bank of America boosted their target price on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Finally, BNP Paribas Exane started coverage on Public Storage in a research report on Tuesday. They issued an "outperform" rating and a $331.00 price target for the company. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average 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.

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