Rhumbline Advisers Acquires 8,064 Shares of Public Storage (NYSE:PSA)

Rhumbline Advisers lifted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 2.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 351,404 shares of the real estate investment trust's stock after acquiring an additional 8,064 shares during the period. Rhumbline Advisers owned 0.20% of Public Storage worth $105,172,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PSA. Robeco Institutional Asset Management B.V. boosted its position in shares of Public Storage by 2.1% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 10,346 shares of the real estate investment trust's stock worth $3,098,000 after purchasing an additional 214 shares in the last quarter. Caprock Group LLC grew its stake in Public Storage by 26.5% in the fourth quarter. Caprock Group LLC now owns 3,865 shares of the real estate investment trust's stock valued at $1,157,000 after acquiring an additional 809 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Public Storage by 1.6% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,503 shares of the real estate investment trust's stock valued at $1,348,000 after acquiring an additional 69 shares in the last quarter. Yoder Wealth Management Inc. raised its position in shares of Public Storage by 5.4% during the fourth quarter. Yoder Wealth Management Inc. now owns 804 shares of the real estate investment trust's stock worth $241,000 after purchasing an additional 41 shares during the period. Finally, Golden State Equity Partners raised its position in shares of Public Storage by 83.2% during the fourth quarter. Golden State Equity Partners now owns 916 shares of the real estate investment trust's stock worth $274,000 after purchasing an additional 416 shares during the period. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Performance

Shares of NYSE:PSA traded down $1.13 during midday trading on Thursday, reaching $302.17. The company had a trading volume of 243,775 shares, compared to its average volume of 745,896. The stock has a market cap of $53.01 billion, a P/E ratio of 31.37, a P/E/G ratio of 4.91 and a beta of 0.91. The company's 50 day moving average price is $295.39 and its 200 day moving average price is $303.06. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. 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 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 net margin of 40.54% and a return on equity of 34.07%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the firm earned $4.03 EPS. The company's revenue was up .1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 3.97%. Public Storage's payout ratio is presently 119.17%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PSA. Scotiabank boosted their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Barclays reduced their price objective on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a report on Thursday, April 10th. Mizuho lifted their price target on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company decreased their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $339.25.

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.