Royal Bank of Canada Raises Holdings in Public Storage (NYSE:PSA)

Royal Bank of Canada grew its stake in shares of Public Storage (NYSE:PSA - Free Report) by 4.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 830,203 shares of the real estate investment trust's stock after buying an additional 36,259 shares during the period. Royal Bank of Canada owned 0.47% of Public Storage worth $248,595,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSA. Barclays PLC lifted its stake in Public Storage by 2.9% in the 3rd quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust's stock worth $169,433,000 after purchasing an additional 13,065 shares in the last quarter. Park Avenue Securities LLC increased its holdings in shares of Public Storage by 7.7% in the fourth quarter. Park Avenue Securities LLC now owns 3,133 shares of the real estate investment trust's stock worth $938,000 after purchasing an additional 225 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Public Storage by 6.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 5,219 shares of the real estate investment trust's stock worth $1,563,000 after purchasing an additional 298 shares during the period. Ritholtz Wealth Management raised its position in shares of Public Storage by 42.0% in the fourth quarter. Ritholtz Wealth Management now owns 7,884 shares of the real estate investment trust's stock worth $2,361,000 after buying an additional 2,332 shares in the last quarter. Finally, Fermata Advisors LLC boosted its stake in Public Storage by 4.8% during the fourth quarter. Fermata Advisors LLC now owns 925 shares of the real estate investment trust's stock valued at $277,000 after buying an additional 42 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

PSA traded up $0.24 during midday trading on Friday, hitting $296.02. The stock had a trading volume of 222,005 shares, compared to its average volume of 768,204. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The business has a fifty day moving average of $293.74 and a 200 day moving average of $305.00. The company has a market cap of $51.93 billion, a P/E ratio of 30.74, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping 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 analyst estimates of $1.18 billion. During the same period in the previous year, the business posted $4.03 EPS. The business's quarterly revenue was up .1% on a year-over-year basis. As a group, equities analysts forecast that Public Storage will post 16.7 earnings per share 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. Shareholders of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.05%. The ex-dividend date is Thursday, June 12th. Public Storage's dividend payout ratio is presently 119.17%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PSA. Evercore ISI boosted their target price on Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Barclays cut their price objective on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Royal Bank of Canada lowered their target price on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Wells Fargo & Company dropped their target price on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Finally, Scotiabank increased their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $337.42.

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.