Public Storage $PSA Stock Position Raised by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management increased its Public Storage position by 16.7% in the third quarter, adding 4,310 shares and ending the period with 30,151 shares valued at $8.6 million.
• Public Storage reported quarterly EPS of $1.69, missing the $2.49 consensus estimate, while revenue of $1.37 billion topped forecasts and rose 0.5% year over year.
• The company announced a quarterly dividend of $3 per share, equivalent to a 3.5% yield. Analysts’ consensus rating was “Hold,” with an average price target of $325.79.

Rakuten Investment Management Inc. grew its holdings in Public Storage (NYSE:PSA - Free Report) by 16.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 30,151 shares of the real estate investment trust's stock after acquiring an additional 4,310 shares during the quarter. Rakuten Investment Management Inc.'s holdings in Public Storage were worth $8,611,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Public Storage in the 2nd quarter valued at approximately $5,495,077,000. Dimensional Fund Advisors LP grew its position in Public Storage by 3.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,280,540 shares of the real estate investment trust's stock worth $617,720,000 after purchasing an additional 67,787 shares during the last quarter. Legal & General Group Plc purchased a new stake in Public Storage during the 2nd quarter worth approximately $601,650,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Public Storage during the 2nd quarter worth approximately $558,904,000. Finally, Deutsche Bank AG acquired a new position in Public Storage during the 2nd quarter valued at approximately $400,776,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Insider Activity at Public Storage

In other news, insider Nathaniel A. Vitan sold 1,414 shares of the business's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $327.53, for a total transaction of $463,127.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 11.10% of the stock is owned by corporate insiders.

Public Storage Trading Down 0.8%

Shares of NYSE:PSA opened at $340.04 on Friday. The business's 50 day moving average price is $300.07 and its 200-day moving average price is $303.76. Public Storage has a 1 year low of $256.54 and a 1 year high of $345.89. The firm has a market capitalization of $63.53 billion, a price-to-earnings ratio of 20.17, a price-to-earnings-growth ratio of 5.07 and a beta of 0.89. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.00 and a quick ratio of 1.00.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Monday, October 26th. The real estate investment trust reported $1.69 EPS for the quarter, missing the consensus estimate of $2.49 by ($0.80). The company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.34 billion. Public Storage had a return on equity of 29.93% and a net margin of 37.76%. Public Storage's revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.31 EPS. On average, equities research analysts forecast that Public Storage will post 16.97 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 8th. Stockholders of record on Tuesday, December 15th will be given a $3.00 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $12.00 annualized dividend and a dividend yield of 3.5%. Public Storage's dividend payout ratio (DPR) is 125.65%.

Analyst Ratings Changes

PSA has been the subject of a number of research analyst reports. Truist Financial started coverage on shares of Public Storage in a report on Friday, October 2nd. They issued a "buy" rating and a $317.00 price target for the company. Wells Fargo & Company set a $311.00 price objective on shares of Public Storage in a report on Tuesday, September 1st. JPMorgan Chase & Co. dropped their price objective on shares of Public Storage from $338.00 to $330.00 and set a "neutral" rating on the stock in a report on Monday, September 21st. Scotiabank cut their target price on Public Storage from $346.00 to $343.00 and set a "sector outperform" rating on the stock in a research report on Wednesday, September 2nd. Finally, Mizuho raised their target price on Public Storage from $316.00 to $319.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $325.79.

Public Storage Company Profile

Public Storage NYSE: PSA is a real estate investment trust focused on the ownership, operation and development of self-storage facilities. The company rents storage units to residential and business customers, offering solutions for household belongings, commercial inventory, records, vehicles and other personal property. Many locations provide features such as climate-controlled units, electronic access, online reservations and moving and packing supplies.

Founded in 1972, Public Storage has grown into one of the largest self-storage operators in the United States.

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