National Pension Service Acquires 9,492 Shares of Public Storage (NYSE:PSA)

National Pension Service boosted its position in Public Storage (NYSE:PSA - Free Report) by 2.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 346,316 shares of the real estate investment trust's stock after acquiring an additional 9,492 shares during the period. National Pension Service owned 0.20% of Public Storage worth $105,626,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in Public Storage by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust's stock worth $835,032,000 after purchasing an additional 729,262 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Public Storage by 8.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust's stock valued at $794,161,000 after purchasing an additional 216,331 shares during the period. Northern Trust Corp grew its holdings in Public Storage by 2.8% during 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 grew its holdings in 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 valued at $442,753,000 after buying an additional 13,864 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Public Storage by 6.5% in the 3rd quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust's stock worth $350,540,000 after purchasing an additional 80,784 shares during the period. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of Public Storage stock traded up $6.37 on Thursday, hitting $275.39. The stock had a trading volume of 443,530 shares, compared to its average volume of 722,360. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The stock has a market cap of $48.38 billion, a price-to-earnings ratio of 25.01, a P/E/G ratio of 3.49 and a beta of 0.57. The company's 50 day moving average price is $275.90 and its 200 day moving average price is $276.19.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data 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 45.62% and a return on equity of 36.17%. The company had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.14 billion. During the same period in the prior year, the company earned $4.16 earnings per share. The firm's revenue was up 6.6% on a year-over-year basis. On average, research analysts anticipate that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.36%. Public Storage's payout ratio is currently 108.99%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PSA shares. Raymond James raised 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. BMO Capital Markets upped their target price on Public Storage from $325.00 to $330.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 19th. Barclays started coverage on Public Storage in a report on Wednesday, March 27th. They issued an "overweight" rating and a $330.00 price objective on the stock. Scotiabank raised their price objective on Public Storage from $267.00 to $270.00 and gave the company a "sector perform" rating in a report on Monday, March 18th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a research report on Tuesday, January 30th. They issued a "sell" rating and a $250.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.