Public Storage (NYSE:PSA) Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Public Storage (NYSE:PSA - Free Report) by 1.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 54,763 shares of the real estate investment trust's stock after acquiring an additional 1,034 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Public Storage were worth $16,390,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Cohen & Steers Inc. lifted its position in Public Storage by 12.3% in the fourth 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 purchasing an additional 592,944 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Public Storage by 2.0% in the 4th 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 purchased a new stake in shares of Public Storage in the fourth quarter valued at approximately $931,286,000. Northern Trust Corp boosted its stake in shares of Public Storage by 43.4% in 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 in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Public Storage by 10.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust's stock worth $509,803,000 after acquiring an additional 158,665 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Wall Street Analyst Weigh In

PSA has been the subject of a number of recent analyst reports. BNP Paribas Exane started coverage on Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 target price for the company. 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 research note on Friday, May 16th. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and lowered their target price for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Royal Bank Of Canada dropped 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 report on Friday, May 2nd. Finally, Bank of America boosted their price target on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $337.64.

Public Storage Trading Down 0.3%

Shares of NYSE:PSA traded down $0.91 during trading on Wednesday, reaching $297.18. The stock had a trading volume of 729,615 shares, compared to its average volume of 749,529. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The stock has a market cap of $52.13 billion, a P/E ratio of 29.51, a PEG ratio of 4.31 and a beta of 0.86. The business has a fifty day moving average price of $298.71 and a 200-day moving average price of $297.38. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the firm posted $4.03 EPS. Public Storage's revenue was up .1% on a year-over-year basis. As a group, analysts anticipate 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 was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date was Thursday, June 12th. Public Storage's payout ratio is 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.