Vanguard Group Inc. Acquires 143,575 Shares of Public Storage (NYSE:PSA)

Key Points

• Vanguard Group Inc. increased its stake in Public Storage (NYSE:PSA) by 0.7%, holding 20,735,896 shares valued at approximately $6.2 billion.
• An average of 15 analysts have rated Public Storage, with one sell, six hold, eight buy, and two strong buy ratings, resulting in an average target price of $335.57.
• Public Storage reported earnings of $4.28 per share for the last quarter, exceeding analysts' expectations, and a revenue of $1.20 billion.

Vanguard Group Inc. raised its holdings in Public Storage (NYSE:PSA - Free Report) by 0.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,735,896 shares of the real estate investment trust's stock after purchasing an additional 143,575 shares during the quarter. Vanguard Group Inc. owned 11.82% of Public Storage worth $6,206,046,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PSA. Northern Trust Corp increased its position in Public Storage by 43.4% during the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after purchasing an additional 749,913 shares in the last quarter. Cohen & Steers Inc. grew its stake in shares of Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after buying an additional 592,944 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Public Storage by 34,827.1% during the first quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock worth $157,114,000 after buying an additional 523,452 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of 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 worth $421,538,000 after buying an additional 433,918 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Public Storage in the 4th quarter valued at $99,157,000. Institutional investors own 78.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. BNP Paribas upgraded Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a report on Thursday, April 10th. Wells Fargo & Company dropped their price objective on shares of Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Finally, Scotiabank boosted their target price on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Public Storage presently has an average rating of "Moderate Buy" and an average target price of $335.43.

Public Storage Trading Down 0.7%

Shares of PSA stock traded down $2.01 during trading hours on Friday, hitting $281.88. 434,986 shares of the company were exchanged, compared to its average volume of 964,392. The company has a 50 day simple moving average of $291.28 and a two-hundred day simple moving average of $295.30. The firm has a market cap of $49.45 billion, a P/E ratio of 30.74, a P/E/G ratio of 4.14 and a beta of 0.86. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. 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 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 analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter in the prior year, the firm earned $4.23 EPS. The business's revenue was up 2.4% on a year-over-year basis. Equities analysts anticipate that Public Storage will post 16.7 EPS for the current year.

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.