Zimmer Partners LP Invests $6.26 Million in Public Storage (NYSE:PSA)

Zimmer Partners LP bought a new position in Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 20,900 shares of the real estate investment trust's stock, valued at approximately $6,258,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quent Capital LLC boosted its stake in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 50 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage during the 4th quarter worth about $32,000. Synergy Asset Management LLC acquired a new position in shares of Public Storage during the 4th quarter worth about $38,000. Millstone Evans Group LLC acquired a new position in shares of Public Storage during the 4th quarter worth about $38,000. Finally, Parvin Asset Management LLC acquired a new position in shares of Public Storage during the 4th quarter worth about $38,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of recent research reports. Scotiabank increased their price objective 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. Wells Fargo & Company reduced their price objective on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Bank of America increased 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. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a research note on Thursday, April 10th. Finally, Royal Bank of Canada cut 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 research note on Friday, May 2nd. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $337.42.

Public Storage Stock Performance

Public Storage stock traded up $0.96 during trading hours on Friday, hitting $296.74. The company had a trading volume of 558,745 shares, compared to its average volume of 745,202. The firm has a market cap of $52.06 billion, a PE ratio of 30.81, a PEG ratio of 4.91 and a beta of 0.91. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a one year low of $256.60 and a one year high of $369.99. The firm has a 50-day moving average of $293.70 and a 200 day moving average of $304.56.

Public Storage (NYSE:PSA - Get Free Report) last released 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. The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business's revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.03 EPS. On average, sell-side analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be issued a $3.00 dividend. The ex-dividend date is Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.04%. Public Storage's dividend payout ratio is currently 119.17%.

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.