KLP Kapitalforvaltning AS Grows Stock Position in Public Storage (NYSE:PSA)

KLP Kapitalforvaltning AS lifted its stake in Public Storage (NYSE:PSA - Free Report) by 30.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,114 shares of the real estate investment trust's stock after acquiring an additional 18,600 shares during the period. KLP Kapitalforvaltning AS's holdings in Public Storage were worth $23,977,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Ameriflex Group Inc. bought a new position in shares of Public Storage in the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Public Storage in the fourth quarter worth $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage in the first quarter worth $36,000. Millstone Evans Group LLC bought a new position in shares of Public Storage in the fourth quarter worth $38,000. Finally, Parvin Asset Management LLC bought a new position in shares of Public Storage in the fourth quarter worth $38,000. 78.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on PSA. Bank of America lifted their price objective on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. BMO Capital Markets lowered Public Storage from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $340.00 to $325.00 in a research note on Friday, June 20th. Mizuho lifted their price objective on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Scotiabank lifted their price objective on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Finally, BNP Paribas raised Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $336.93.

Public Storage Price Performance

PSA stock traded up $0.39 during mid-day trading on Friday, hitting $287.70. 674,373 shares of the stock were exchanged, compared to its average volume of 886,742. 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 business has a fifty day moving average price of $295.05 and a 200 day moving average price of $296.05. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The stock has a market capitalization of $50.47 billion, a price-to-earnings ratio of 28.57, a PEG ratio of 4.19 and a beta of 0.86.

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

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were issued a $3.00 dividend. The ex-dividend date was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.17%. Public Storage's dividend payout ratio is currently 119.17%.

Public Storage Company 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.