PGGM Investments Acquires 23,848 Shares of Public Storage (NYSE:PSA)

PGGM Investments boosted its position in Public Storage (NYSE:PSA - Free Report) by 15.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 181,398 shares of the real estate investment trust's stock after purchasing an additional 23,848 shares during the period. PGGM Investments owned approximately 0.10% of Public Storage worth $55,326,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Second Half Financial Partners LLC acquired a new stake in shares of Public Storage during the 3rd quarter valued at $290,129,000. JPMorgan Chase & Co. lifted its position in shares of Public Storage by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust's stock valued at $835,032,000 after acquiring an additional 729,262 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Public Storage by 555.6% during the 3rd quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust's stock valued at $162,104,000 after acquiring an additional 521,322 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Public Storage by 22.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust's stock valued at $633,949,000 after acquiring an additional 451,864 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Public Storage by 29.0% during the 3rd quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust's stock valued at $300,786,000 after acquiring an additional 256,326 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 0.4 %

Shares of NYSE:PSA traded down $0.95 during midday trading on Friday, hitting $257.73. 577,684 shares of the stock were exchanged, compared to its average volume of 582,087. 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 has a 52-week low of $233.18 and a 52-week high of $312.25. The business's fifty day simple moving average is $278.68 and its two-hundred day simple moving average is $276.34. The company has a market capitalization of $45.28 billion, a PE ratio of 23.30, a P/E/G ratio of 3.39 and a beta of 0.54.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data 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). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The firm had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.14 billion. During the same quarter in the prior year, the business posted $4.16 earnings per share. Public Storage's revenue was up 6.6% on a year-over-year basis. As a group, research analysts predict that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.66%. Public Storage's dividend payout ratio (DPR) is currently 108.50%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group increased their price objective on Public Storage from $307.00 to $340.00 and gave the company a "buy" rating in a research report on Thursday, January 11th. Barclays assumed coverage on Public Storage in a report on Wednesday, March 27th. They issued an "overweight" rating and a $330.00 target price for the company. Wells Fargo & Company upgraded Public Storage from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $280.00 to $310.00 in a report on Friday, April 5th. Raymond James upgraded Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 target price for the company in a report on Thursday, March 28th. Finally, Scotiabank increased 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. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and a consensus price target of $305.00.

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.