Investment Management Corp of Ontario Has $4.84 Million Stock Position in Public Storage (NYSE:PSA)

Investment Management Corp of Ontario boosted its holdings in Public Storage (NYSE:PSA - Free Report) by 8.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,156 shares of the real estate investment trust's stock after purchasing an additional 1,284 shares during the period. Investment Management Corp of Ontario's holdings in Public Storage were worth $4,838,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSA. Cohen & Steers Inc. raised its position in shares of 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 valued at $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Public Storage by 2.0% in the fourth 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 during the last quarter. Norges Bank acquired a new stake in Public Storage in the fourth quarter valued at $931,286,000. Northern Trust Corp boosted its stake 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 valued at $741,592,000 after acquiring an additional 749,913 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in Public Storage by 44.6% during the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock worth $421,538,000 after acquiring an additional 433,918 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PSA. Mizuho initiated coverage on shares of Public Storage in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 target price for the company. Truist Financial raised Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a report on Thursday, April 10th. Royal Bank of Canada reduced their target price on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Scotiabank raised their price objective on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday. Finally, Barclays restated an "overweight" rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $337.67.

Public Storage Price Performance

Shares of NYSE:PSA traded down $3.91 during trading hours on Wednesday, hitting $298.22. 641,989 shares of the company's stock traded hands, compared to its average volume of 746,255. The company's fifty day simple moving average is $293.61 and its two-hundred day simple moving average is $306.15. The company has a market cap of $52.32 billion, a price-to-earnings ratio of 30.97, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. 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 52 week low of $256.60 and a 52 week high of $369.99.

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

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date is Thursday, June 12th. Public Storage's payout ratio is 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.