Public Storage $PSA Holdings Raised by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Public Storage by 3.4%, owning 56,649 shares valued at approximately $16.62 million.
• Public Storage reported earnings of $4.28 per share for the latest quarter, exceeding analyst estimates and marking a 2.4% revenue increase year-over-year.
• The company declared a quarterly dividend of $3.00 per share, translating to an annualized yield of 4.2%, with a dividend payout ratio of 130.86%.

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Public Storage (NYSE:PSA - Free Report) by 3.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 56,649 shares of the real estate investment trust's stock after purchasing an additional 1,886 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Public Storage were worth $16,622,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PSA. Vanguard Group Inc. increased its position in shares of Public Storage by 0.7% during the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock worth $6,206,046,000 after purchasing an additional 143,575 shares in the last quarter. Wellington Management Group LLP grew its position in Public Storage by 1.0% during the first quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust's stock valued at $894,177,000 after buying an additional 30,775 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Public Storage by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust's stock valued at $848,425,000 after acquiring an additional 34,718 shares during the period. Northern Trust Corp increased its holdings in shares of Public Storage by 2.8% in the first quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust's stock valued at $762,135,000 after purchasing an additional 69,882 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Public Storage by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust's stock worth $638,805,000 after acquiring an additional 12,204 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Trading Down 1.7%

Public Storage stock traded down $4.76 during trading on Friday, hitting $279.03. The company's stock had a trading volume of 2,155,961 shares, compared to its average volume of 684,734. 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 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The stock's fifty day moving average is $286.79 and its 200 day moving average is $292.79. The stock has a market capitalization of $48.96 billion, a price-to-earnings ratio of 30.43, a P/E/G ratio of 4.71 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the prior year, the business earned $4.23 earnings per share. The business's quarterly revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, equities research analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Monday, September 15th. Public Storage's dividend payout ratio (DPR) is 130.86%.

Analyst Ratings Changes

Several research analysts have recently commented on PSA shares. Barclays lowered their price target on Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. BNP Paribas Exane assumed coverage on shares of Public Storage in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price target for the company. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Wells Fargo & Company lowered their price target on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. Finally, Scotiabank decreased their target price on Public Storage from $340.00 to $333.00 and set a "sector outperform" rating for the company in a research report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $322.00.

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.