Voloridge Investment Management LLC Purchases Shares of 3,545 Public Storage (NYSE:PSA)

Voloridge Investment Management LLC bought a new position in Public Storage (NYSE:PSA - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,545 shares of the real estate investment trust's stock, valued at approximately $1,062,000.

Several other hedge funds also recently added to or reduced their stakes in PSA. Norges Bank bought a new position in Public Storage in the fourth quarter worth about $931,286,000. Northern Trust Corp raised its holdings 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 worth $741,592,000 after purchasing an additional 749,913 shares in the last quarter. Cohen & Steers Inc. raised its holdings in 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 purchasing an additional 592,944 shares in the last quarter. Deutsche Bank AG raised its holdings 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 worth $421,538,000 after purchasing an additional 433,918 shares in the last quarter. Finally, Amundi raised its holdings in Public Storage by 54.0% during the fourth quarter. Amundi now owns 779,882 shares of the real estate investment trust's stock worth $230,426,000 after purchasing an additional 273,486 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSA has been the topic of several recent research reports. Evercore ISI lifted their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a report on Thursday, April 10th. Barclays reduced 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 note on Friday, May 16th. Mizuho increased their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Finally, Scotiabank raised their price target on shares of 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 analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $339.25.

Public Storage Price Performance

Shares of NYSE PSA traded down $6.25 during mid-day trading on Tuesday, hitting $303.52. 918,296 shares of the stock were exchanged, compared to its average volume of 747,030. The company has a market cap of $53.25 billion, a P/E ratio of 31.52, a PEG ratio of 4.91 and a beta of 0.91. The stock's fifty day simple moving average is $295.20 and its two-hundred day simple moving average is $303.06. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99.

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

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 3.95%. Public Storage's dividend payout ratio is presently 119.17%.

Public Storage 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.