Public Storage $PSA Position Increased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its stake in Public Storage (NYSE:PSA) by 3.0%, now owning a total of 103,972 shares worth approximately $31 million.
• Public Storage reported earnings of $4.28 per share, surpassing analysts' estimates, with a revenue of $1.20 billion during the last quarter, reflecting a 2.4% year-over-year increase.
• The company declared a quarterly dividend of $3.00 per share, resulting in an annualized yield of 4.1% amid a dividend payout ratio of 130.86%.

The Manufacturers Life Insurance Company grew its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 3.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 103,972 shares of the real estate investment trust's stock after purchasing an additional 2,990 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Public Storage worth $31,118,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in Public Storage by 0.7% in the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock valued at $6,206,046,000 after purchasing an additional 143,575 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Public Storage by 1.0% during the 1st 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 acquiring an additional 30,775 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings 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 worth $848,425,000 after acquiring an additional 34,718 shares during the period. Northern Trust Corp boosted its position 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 worth $762,135,000 after acquiring an additional 69,882 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Public Storage by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust's stock valued at $638,805,000 after purchasing 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 Stock Up 0.2%

Shares of Public Storage stock traded up $0.44 on Thursday, hitting $292.20. 692,968 shares of the company's stock traded hands, compared to its average volume of 594,828. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The stock has a market cap of $51.27 billion, a P/E ratio of 31.86, a PEG ratio of 4.84 and a beta of 0.86. The firm's 50-day moving average is $287.56 and its 200 day moving average is $293.96.

Public Storage (NYSE:PSA - Get Free Report) last released its 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. 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 the consensus estimate of $1.20 billion. During the same quarter in the previous year, the firm earned $4.23 EPS. The company's revenue was up 2.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Equities analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $3.00 per share. The ex-dividend date is Monday, September 15th. This represents a $12.00 annualized dividend and a yield of 4.1%. Public Storage's dividend payout ratio (DPR) is 130.86%.

Analyst Ratings Changes

PSA has been the subject of several research analyst reports. Mizuho upped their price target on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Bank of America boosted their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Wall Street Zen downgraded shares of Public Storage from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. BNP Paribas upgraded Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $331.62.

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.