OVERSEA CHINESE BANKING Corp Ltd Increases Position in Public Storage (NYSE:PSA)

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 82.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,336 shares of the real estate investment trust's stock after acquiring an additional 10,530 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Public Storage were worth $7,117,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PSA. abrdn plc increased its position in shares of Public Storage by 5.5% in the fourth quarter. abrdn plc now owns 270,908 shares of the real estate investment trust's stock valued at $82,627,000 after buying an additional 14,210 shares in the last quarter. J.W. Cole Advisors Inc. purchased a new stake in shares of Public Storage in the fourth quarter valued at approximately $572,000. Twin Capital Management Inc. increased its position in shares of Public Storage by 99.1% in the fourth quarter. Twin Capital Management Inc. now owns 5,269 shares of the real estate investment trust's stock valued at $1,607,000 after buying an additional 2,623 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Public Storage by 90.1% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 230 shares of the real estate investment trust's stock valued at $70,000 after buying an additional 109 shares in the last quarter. Finally, Guidance Capital Inc. increased its position in shares of Public Storage by 31.1% in the fourth quarter. Guidance Capital Inc. now owns 1,716 shares of the real estate investment trust's stock valued at $535,000 after buying an additional 407 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Up 0.0 %

Shares of Public Storage stock traded up $0.10 during trading hours on Friday, hitting $260.38. The company's stock had a trading volume of 737,577 shares, compared to its average volume of 563,922. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The firm has a fifty day moving average of $280.76 and a 200-day moving average of $276.49. The stock has a market cap of $45.75 billion, a price-to-earnings ratio of 23.54, a P/E/G ratio of 3.42 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company earned $4.16 EPS. The business's revenue for the quarter was up 6.6% on a year-over-year basis. Research analysts forecast that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.61%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage's payout ratio is 108.50%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PSA shares. Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a research report on Tuesday, January 30th. They issued a "sell" rating and a $250.00 price objective for the company. The Goldman Sachs Group boosted their price target on Public Storage from $307.00 to $340.00 and gave the stock a "buy" rating in a research report on Thursday, January 11th. BMO Capital Markets boosted 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. Wells Fargo & Company upgraded Public Storage from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. Finally, Raymond James upgraded Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 price target for the company in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $305.00.

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.