Public Storage (NYSE:PSA) Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. grew its holdings in Public Storage (NYSE:PSA - Free Report) by 8.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,687,170 shares of the real estate investment trust's stock after acquiring an additional 216,331 shares during the period. Charles Schwab Investment Management Inc. owned about 1.53% of Public Storage worth $794,161,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake 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 buying an additional 729,262 shares during the last quarter. Northern Trust Corp grew its holdings in Public Storage by 2.8% in the 3rd quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust's stock valued at $609,253,000 after buying an additional 63,289 shares in the last quarter. Morgan Stanley raised its holdings in shares of Public Storage by 0.8% during the 3rd quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust's stock worth $442,753,000 after acquiring an additional 13,864 shares during the period. American Century Companies Inc. boosted its position in shares of Public Storage by 6.5% during the 3rd quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust's stock valued at $350,540,000 after acquiring an additional 80,784 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Public Storage by 7.7% in the third quarter. Deutsche Bank AG now owns 1,311,670 shares of the real estate investment trust's stock valued at $345,651,000 after purchasing an additional 94,077 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on PSA shares. Wells Fargo & Company raised Public Storage from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Barclays initiated coverage on Public Storage in a report on Wednesday, March 27th. They set an "overweight" rating and a $330.00 price target on the stock. BMO Capital Markets lifted their target price on Public Storage from $325.00 to $330.00 and gave the company an "outperform" rating in a research note on Tuesday, March 19th. Scotiabank upped their price target on Public Storage from $267.00 to $270.00 and gave the stock a "sector perform" rating in a research note on Monday, March 18th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research report on Tuesday, January 30th. They issued a "sell" rating and a $250.00 price objective on the stock. 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 MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $305.00.

Public Storage Price Performance

PSA stock traded up $4.13 during trading on Tuesday, reaching $273.32. 520,261 shares of the company were exchanged, compared to its average volume of 728,437. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. The stock's 50 day moving average price is $276.12 and its 200 day moving average price is $276.24. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a market cap of $48.02 billion, a P/E ratio of 24.82, a PEG ratio of 3.49 and a beta of 0.57.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results 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). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The business's revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.16 EPS. As a group, analysts predict that Public Storage will post 16.92 earnings per share for the current fiscal 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 given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage's payout ratio is 108.99%.

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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