Resona Asset Management Co. Ltd. Raises Stock Position in Public Storage (NYSE:PSA)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Public Storage by 7.2%, holding a total of 93,977 shares worth approximately $27.78 million as of the end of the last quarter.
• Public Storage reported an earnings per share of $4.28 for its most recent quarter, exceeding analyst expectations and showing a year-over-year revenue increase of 2.4%.
• Currently, Public Storage has a consensus rating of "Moderate Buy" from analysts, with an average price target of $335.43.

Resona Asset Management Co. Ltd. lifted its position in Public Storage (NYSE:PSA - Free Report) by 7.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,977 shares of the real estate investment trust's stock after acquiring an additional 6,327 shares during the quarter. Resona Asset Management Co. Ltd. owned 0.05% of Public Storage worth $27,780,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Rathbones Group PLC lifted its holdings in shares of Public Storage by 17.4% in the 1st quarter. Rathbones Group PLC now owns 56,094 shares of the real estate investment trust's stock worth $16,788,000 after acquiring an additional 8,297 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of Public Storage by 2.0% in the 1st quarter. HighTower Advisors LLC now owns 362,282 shares of the real estate investment trust's stock worth $108,427,000 after acquiring an additional 7,107 shares during the last quarter. Trajan Wealth LLC lifted its holdings in Public Storage by 5.1% during the 1st quarter. Trajan Wealth LLC now owns 16,897 shares of the real estate investment trust's stock valued at $5,057,000 after buying an additional 825 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in Public Storage by 3.1% during the 1st quarter. Public Sector Pension Investment Board now owns 42,151 shares of the real estate investment trust's stock valued at $12,615,000 after buying an additional 1,278 shares in the last quarter. Finally, Longfellow Investment Management Co. LLC lifted its holdings in Public Storage by 59.8% during the 1st quarter. Longfellow Investment Management Co. LLC now owns 1,715 shares of the real estate investment trust's stock valued at $513,000 after buying an additional 642 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Down 0.7%

Shares of Public Storage stock traded down $2.11 on Thursday, reaching $281.07. The stock had a trading volume of 558,745 shares, compared to its average volume of 902,136. The company has a 50 day moving average price of $289.42 and a 200 day moving average price of $294.97. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The stock has a market capitalization of $49.31 billion, a P/E ratio of 30.65, a P/E/G ratio of 4.70 and a beta of 0.86.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PSA shares. Evercore ISI lifted their price objective on shares of Public Storage from $308.00 to $309.00 and gave the company an "in-line" rating in a report on Monday, August 4th. Wall Street Zen lowered shares of Public Storage from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Scotiabank lifted their price objective on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Finally, Barclays decreased their price objective on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a report on Friday, August 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $331.93.

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.