Public Storage (NYSE:PSA) Position Lifted by Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management Co. raised its stake in Public Storage (NYSE:PSA - Free Report) by 4.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 574,610 shares of the real estate investment trust's stock after buying an additional 25,285 shares during the period. Public Storage comprises 2.1% of Duff & Phelps Investment Management Co.'s holdings, making the stock its 6th biggest holding. Duff & Phelps Investment Management Co. owned about 0.33% of Public Storage worth $175,256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. DAVENPORT & Co LLC lifted its stake in Public Storage by 3.9% in the third quarter. DAVENPORT & Co LLC now owns 2,536 shares of the real estate investment trust's stock worth $668,000 after acquiring an additional 95 shares during the period. Exchange Traded Concepts LLC boosted its stake in shares of Public Storage by 4.9% during the third quarter. Exchange Traded Concepts LLC now owns 2,155 shares of the real estate investment trust's stock valued at $568,000 after purchasing an additional 101 shares in the last quarter. Ballentine Partners LLC increased its holdings in Public Storage by 25.6% during the third quarter. Ballentine Partners LLC now owns 1,486 shares of the real estate investment trust's stock valued at $392,000 after buying an additional 303 shares during the period. Manning & Napier Group LLC raised its stake in Public Storage by 0.9% in the third quarter. Manning & Napier Group LLC now owns 50,562 shares of the real estate investment trust's stock worth $13,324,000 after buying an additional 454 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in Public Storage by 3.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 41,348 shares of the real estate investment trust's stock valued at $10,896,000 after acquiring an additional 1,303 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PSA shares. The Goldman Sachs Group upped their price objective on Public Storage from $307.00 to $340.00 and gave the stock a "buy" rating in a research note on Thursday, January 11th. BMO Capital Markets upped their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an "outperform" rating in a report on Tuesday, March 19th. Scotiabank boosted their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a "sector perform" rating in a research report on Monday, March 18th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a report on Tuesday, January 30th. They issued a "sell" rating and a $250.00 price target for the company. Finally, Wells Fargo & Company raised shares of Public Storage from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $280.00 to $310.00 in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Public Storage presently has an average rating of "Moderate Buy" and an average target price of $305.00.

Public Storage Stock Performance

Public Storage stock traded up $5.22 during mid-day trading on Monday, hitting $262.95. The company had a trading volume of 846,339 shares, compared to its average volume of 722,509. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. The company has a market capitalization of $46.20 billion, a price-to-earnings ratio of 23.77, a P/E/G ratio of 3.38 and a beta of 0.54. The company's fifty day moving average is $278.31 and its 200-day moving average is $276.27. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts' consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same period in the previous year, the firm posted $4.16 EPS. The firm's quarterly revenue was up 6.6% on a year-over-year basis. Equities research analysts predict that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date was Tuesday, March 12th. Public Storage's dividend payout ratio (DPR) is presently 108.50%.

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.

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