QRG Capital Management Inc. Has $6.69 Million Stock Holdings in Public Storage (NYSE:PSA)

QRG Capital Management Inc. grew its stake in Public Storage (NYSE:PSA - Free Report) by 6.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,355 shares of the real estate investment trust's stock after buying an additional 1,373 shares during the period. QRG Capital Management Inc.'s holdings in Public Storage were worth $6,690,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PSA. Ameriflex Group Inc. acquired a new stake in Public Storage during the fourth quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in Public Storage during the fourth quarter worth approximately $32,000. Opal Wealth Advisors LLC acquired a new stake in Public Storage during the first quarter worth approximately $36,000. Millstone Evans Group LLC acquired a new stake in Public Storage during the fourth quarter worth approximately $38,000. Finally, Parvin Asset Management LLC acquired a new stake in Public Storage during the fourth quarter worth approximately $38,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Bank of America raised their target price on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Wells Fargo & Company decreased their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Scotiabank raised their target price on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Evercore ISI increased their price target on Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a report on Friday, May 2nd. Finally, Royal Bank Of Canada cut their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $339.25.

Public Storage Stock Down 0.3%

PSA stock opened at $293.55 on Wednesday. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. 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's 50 day moving average is $297.90 and its 200-day moving average is $300.04. The firm has a market capitalization of $51.50 billion, a PE ratio of 29.15, a P/E/G ratio of 4.26 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the company earned $4.03 earnings per share. The company's revenue for the quarter was up .1% on a year-over-year basis. Sell-side analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be issued a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.09%. Public Storage's dividend payout ratio (DPR) 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.

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