Zimmer Partners LP Makes New Investment in Public Storage (NYSE:PSA)

Zimmer Partners LP purchased a new position in Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 20,900 shares of the real estate investment trust's stock, valued at approximately $6,258,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Cohen & Steers Inc. grew its stake in Public Storage by 12.3% in the 4th 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 in the last quarter. Geode Capital Management LLC grew its stake in 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 worth $1,197,769,000 after buying an additional 78,472 shares in the last quarter. Norges Bank purchased a new position in Public Storage in the 4th quarter worth approximately $931,286,000. Northern Trust Corp grew its stake in Public Storage by 43.4% in 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 buying an additional 749,913 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Public Storage by 44.6% in the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock valued at $421,538,000 after purchasing an additional 433,918 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Trading Down 0.0%

NYSE:PSA opened at $309.08 on Tuesday. The company has a fifty day moving average of $293.57 and a 200 day moving average of $305.30. 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 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $54.22 billion, a P/E ratio of 32.10, a P/E/G ratio of 4.91 and a beta of 0.91.

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 EPS for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business posted $4.03 EPS. The firm's revenue was up .1% compared to the same quarter last year. On average, research analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed 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 3.88%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PSA shares. Royal Bank of Canada cut their price objective 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. Evercore ISI upped their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Bank of America upped their price objective on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Mizuho started coverage on shares of Public Storage in a research note on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price objective for the company. Finally, Wells Fargo & Company cut 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. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and an average target price of $337.42.

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.

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.