Public Storage (NYSE:PSA) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp increased its position in Public Storage (NYSE:PSA - Free Report) by 12.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 92,109 shares of the real estate investment trust's stock after buying an additional 10,025 shares during the quarter. Van ECK Associates Corp owned 0.05% of Public Storage worth $28,093,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Ratings Changes

Several research firms recently weighed in on PSA. Scotiabank lifted their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a "sector perform" rating in a report on Monday, March 18th. Barclays started coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an "overweight" rating and a $330.00 price target for the company. The Goldman Sachs Group lifted 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. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a research report on Tuesday, January 30th. They issued a "sell" rating and a $250.00 target price for the company. Finally, BMO Capital Markets lifted their price target on Public Storage from $325.00 to $330.00 and gave the company 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 issued a strong buy rating to the stock. According to MarketBeat, Public Storage currently has a consensus rating of "Moderate Buy" and an average price target of $305.00.

Public Storage Stock Performance

NYSE:PSA traded up $0.70 on Wednesday, hitting $260.15. The stock had a trading volume of 1,219,909 shares, compared to its average volume of 730,955. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The stock has a market cap of $45.71 billion, a price-to-earnings ratio of 23.68, a price-to-earnings-growth ratio of 3.45 and a beta of 0.54. The business's 50-day simple moving average is $277.82 and its two-hundred day simple moving average is $276.18.

Public Storage (NYSE:PSA - Get Free Report) last released its 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 during the quarter, compared to analysts' expectations 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 was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company posted $4.16 earnings per share. As a group, research analysts predict that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

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

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.