Sophron Capital Management L.P. Purchases New Position in Public Storage (NYSE:PSA)

Sophron Capital Management L.P. purchased a new stake in shares of Public Storage (NYSE:PSA - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 28,850 shares of the real estate investment trust's stock, valued at approximately $8,639,000. Public Storage accounts for about 3.4% of Sophron Capital Management L.P.'s holdings, making the stock its 13th biggest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Cohen & Steers Inc. lifted its holdings in shares of Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after buying an additional 592,944 shares during the period. Geode Capital Management LLC grew its position in Public Storage by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock valued at $1,197,769,000 after buying an additional 78,472 shares during the period. Norges Bank bought a new stake in Public Storage during the fourth quarter valued at approximately $931,286,000. Northern Trust Corp grew its position in Public Storage by 43.4% during the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock valued at $741,592,000 after buying an additional 749,913 shares during the period. Finally, Deutsche Bank AG grew its position in Public Storage by 44.6% during the fourth quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock valued at $421,538,000 after buying an additional 433,918 shares during the period. 78.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PSA has been the subject of several recent research reports. Mizuho initiated coverage on shares of Public Storage in a research report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 target price for the company. Evercore ISI boosted their target price on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research report on Friday, May 2nd. Royal Bank of Canada cut their target price on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a research report on Friday, May 2nd. Barclays cut their target price on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Finally, Scotiabank raised their price objective 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. Five equities 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's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $337.42.

Public Storage Price Performance

Public Storage stock traded up $0.96 during mid-day trading on Friday, hitting $296.74. The stock had a trading volume of 558,745 shares, compared to its average volume of 744,882. The firm has a market capitalization of $52.06 billion, a P/E ratio of 30.81, a P/E/G ratio of 4.91 and a beta of 0.91. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm's 50 day moving average is $293.70 and its 200 day moving average is $304.70. Public Storage has a one year low of $256.60 and a one year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. Public Storage's quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.03 EPS. On average, sell-side analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Thursday, June 12th. Public Storage's payout ratio 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.