Russell Investments Group Ltd. Has $325.19 Million Position in Public Storage (NYSE:PSA)

Key Points

• Russell Investments Group Ltd. has increased its stake in Public Storage by 8.9% during the first quarter, owning over 1 million shares valued at approximately $325 million.
• Public Storage's stock price has dipped by 0.7%, with a current market capitalization of $49.09 billion and trading at $279.81 per share.
• Recent analyst ratings show a mix of outlooks, with one sell rating, six hold ratings, eight buy ratings, and a consensus target price of $335.43 for Public Storage shares.

Russell Investments Group Ltd. increased its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 8.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,088,171 shares of the real estate investment trust's stock after purchasing an additional 88,745 shares during the period. Russell Investments Group Ltd. owned approximately 0.62% of Public Storage worth $325,194,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PSA. Rockefeller Capital Management L.P. lifted its holdings in shares of Public Storage by 4.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 19,390 shares of the real estate investment trust's stock valued at $5,806,000 after purchasing an additional 795 shares in the last quarter. Townsquare Capital LLC lifted its holdings in shares of Public Storage by 13.9% during the 4th quarter. Townsquare Capital LLC now owns 4,535 shares of the real estate investment trust's stock valued at $1,358,000 after purchasing an additional 554 shares in the last quarter. Sagespring Wealth Partners LLC bought a new position in shares of Public Storage during the 4th quarter valued at about $271,000. Advisors Capital Management LLC lifted its stake in Public Storage by 3.8% in the 4th quarter. Advisors Capital Management LLC now owns 2,149 shares of the real estate investment trust's stock valued at $643,000 after acquiring an additional 78 shares in the last quarter. Finally, Savvy Advisors Inc. bought a new stake in Public Storage in the 4th quarter valued at approximately $418,000. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Down 0.7%

Shares of NYSE:PSA traded down $2.11 during trading on Thursday, hitting $281.07. 558,745 shares of the company were exchanged, compared to its average volume of 810,881. The stock has a market cap of $49.31 billion, a price-to-earnings ratio of 30.65, a P/E/G ratio of 4.66 and a beta of 0.86. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The firm has a fifty day moving average price of $289.81 and a two-hundred day moving average price of $295.09. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PSA shares. Scotiabank boosted their target price on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. BNP Paribas upgraded Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. BNP Paribas Exane started coverage on Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 target price on the stock. Bank of America boosted their target price on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, Royal Bank Of Canada cut their target price on Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research note on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and an average price target of $331.93.

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.