70,787 Shares in Public Storage (NYSE:PSA) Acquired by International Assets Investment Management LLC

International Assets Investment Management LLC purchased a new position in shares of Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 70,787 shares of the real estate investment trust's stock, valued at approximately $21,590,000.

A number of other institutional investors have also recently bought and sold shares of the business. AMI Investment Management Inc. bought a new position in shares of Public Storage in the first quarter valued at about $267,000. Blair William & Co. IL raised its holdings in Public Storage by 7.3% in the 1st quarter. Blair William & Co. IL now owns 2,668 shares of the real estate investment trust's stock valued at $1,041,000 after acquiring an additional 182 shares during the period. Prudential PLC bought a new position in Public Storage in the 1st quarter valued at about $1,374,000. Sequoia Financial Advisors LLC acquired a new stake in Public Storage during the first quarter worth approximately $398,000. Finally, Candriam Luxembourg S.C.A. boosted its holdings in shares of Public Storage by 19.0% during the first quarter. Candriam Luxembourg S.C.A. now owns 13,506 shares of the real estate investment trust's stock worth $5,271,000 after acquiring an additional 2,156 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Price Performance

Shares of NYSE PSA traded down $0.69 during midday trading on Thursday, hitting $275.16. 498,501 shares of the company's stock were exchanged, compared to its average volume of 731,907. The business's fifty day moving average price is $283.01 and its two-hundred day moving average price is $276.35. The company has a market cap of $48.34 billion, a price-to-earnings ratio of 24.88, a PEG ratio of 3.77 and a beta of 0.54. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 12-month low of $233.18 and a 12-month high of $316.48.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). The firm 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 company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period last year, the firm earned $4.16 EPS. As a group, research analysts forecast that Public Storage will post 16.93 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.36%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage's dividend payout ratio (DPR) is presently 108.50%.

Analysts Set New Price Targets

PSA has been the subject of a number of research reports. Truist Financial lifted their target price on Public Storage from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Thursday, December 28th. Raymond James raised shares of Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 price objective for the company in a report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a "sell" rating and a $250.00 target price on the stock. Barclays assumed coverage on shares of Public Storage in a research report on Wednesday, March 27th. They issued an "overweight" rating and a $330.00 price target for the company. Finally, BMO Capital Markets increased their price target on Public Storage from $325.00 to $330.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, four have assigned 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 a consensus target price of $305.00.

Public Storage Company 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.