Fifth Third Bancorp Acquires 8,268 Shares of Public Storage (NYSE:PSA)

Fifth Third Bancorp raised its holdings in Public Storage (NYSE:PSA - Free Report) by 24.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,687 shares of the real estate investment trust's stock after acquiring an additional 8,268 shares during the quarter. Fifth Third Bancorp's holdings in Public Storage were worth $12,715,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of PSA. Sunbelt Securities Inc. acquired a new stake in Public Storage during the 1st quarter worth about $26,000. ICA Group Wealth Management LLC acquired a new stake in Public Storage during the 4th quarter worth about $29,000. Live Oak Investment Partners acquired a new stake in Public Storage during the 4th quarter worth about $34,000. Centerpoint Advisors LLC acquired a new stake in Public Storage during the 4th quarter worth about $35,000. Finally, Avior Wealth Management LLC raised its holdings in Public Storage by 49.5% during the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust's stock worth $38,000 after buying an additional 48 shares during the period. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PSA shares. Scotiabank upped their target price on Public Storage from $267.00 to $270.00 and gave the company a "sector perform" rating in a report on Monday, March 18th. Wells Fargo & Company downgraded Public Storage from an "overweight" rating to an "equal weight" rating and upped their target price for the company from $270.00 to $280.00 in a report on Tuesday, December 12th. Barclays started coverage on Public Storage in a report on Wednesday, March 27th. They issued an "overweight" rating and a $330.00 target price on the stock. Raymond James upgraded Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 target price on the stock in a report on Thursday. Finally, The Goldman Sachs Group upped their target price on Public Storage from $307.00 to $340.00 and gave the company a "buy" rating in a report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $302.50.

Public Storage Stock Down 1.2 %

NYSE:PSA traded down $3.56 during mid-day trading on Monday, reaching $286.50. The stock had a trading volume of 473,299 shares, compared to its average volume of 752,489. The stock has a market cap of $50.34 billion, a P/E ratio of 25.90, a PEG ratio of 3.80 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The business's 50 day moving average is $283.87 and its 200 day moving average is $275.60. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $316.48.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.15 by ($1.94). The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned $4.16 EPS. As a group, sell-side analysts predict that Public Storage will post 16.93 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.19%. Public Storage's payout ratio is currently 108.50%.

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.