Point72 Asset Management L.P. Makes New $60.74 Million Investment in Public Storage (NYSE:PSA)

Point72 Asset Management L.P. acquired a new stake in Public Storage (NYSE:PSA - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 202,852 shares of the real estate investment trust's stock, valued at approximately $60,742,000. Point72 Asset Management L.P. owned approximately 0.12% of Public Storage as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Quent Capital LLC lifted its holdings in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage in the fourth quarter valued at approximately $32,000. Synergy Asset Management LLC acquired a new position in shares of Public Storage in the fourth quarter valued at approximately $38,000. Millstone Evans Group LLC purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. Finally, Parvin Asset Management LLC acquired a new stake in Public Storage during the fourth quarter worth approximately $38,000. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Trading Down 3.0%

Shares of NYSE:PSA traded down $9.18 during trading on Wednesday, reaching $298.64. 212,337 shares of the stock were exchanged, compared to its average volume of 741,933. The firm's 50-day moving average price is $293.87 and its 200 day moving average price is $305.32. The firm has a market cap of $52.39 billion, a price-to-earnings ratio of 31.01, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the firm earned $4.03 earnings per share. Public Storage's revenue for the quarter was up .1% on a year-over-year basis. On average, sell-side analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.02%. The ex-dividend date is Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Barclays cut their price target on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Mizuho started coverage on Public Storage in a research report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price objective for the company. Scotiabank increased their target price on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Royal Bank of Canada decreased their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Finally, Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research note on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and a consensus target price of $337.42.

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.