South Plains Financial Inc. Acquires New Stake in Public Storage (NYSE:PSA)

South Plains Financial Inc. bought a new position in shares of Public Storage (NYSE:PSA - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,410 shares of the real estate investment trust's stock, valued at approximately $722,000.

Several other large investors have also recently added to or reduced their stakes in the business. Barclays PLC boosted its holdings in Public Storage by 2.9% in the third quarter. Barclays PLC now owns 465,653 shares of the real estate investment trust's stock valued at $169,433,000 after acquiring an additional 13,065 shares during the last quarter. McIlrath & Eck LLC lifted its stake in shares of Public Storage by 24.6% in the 3rd quarter. McIlrath & Eck LLC now owns 218 shares of the real estate investment trust's stock valued at $79,000 after purchasing an additional 43 shares in the last quarter. World Investment Advisors LLC purchased a new stake in shares of Public Storage during the 3rd quarter worth about $3,713,000. Wilmington Savings Fund Society FSB acquired a new stake in Public Storage during the 3rd quarter worth approximately $1,466,000. Finally, Tidal Investments LLC raised its holdings in Public Storage by 30.3% in the third quarter. Tidal Investments LLC now owns 11,386 shares of the real estate investment trust's stock valued at $4,143,000 after buying an additional 2,646 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada dropped their price target on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday. Scotiabank upgraded Public Storage from a "sector perform" rating to a "sector outperform" rating and decreased their price target for the stock from $333.00 to $305.00 in a research note on Wednesday, April 9th. Wells Fargo & Company cut their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Evercore ISI increased their target price on Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a report on Friday. Finally, Mizuho initiated coverage on Public Storage in a report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price target for the company. 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $333.75.

Public Storage Stock Performance

Shares of Public Storage stock traded down $1.92 during trading on Tuesday, hitting $298.42. 249,364 shares of the stock were exchanged, compared to its average volume of 737,633. 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 has a 12 month low of $256.60 and a 12 month high of $369.99. The stock's fifty day moving average is $294.65 and its 200 day moving average is $307.45. The stock has a market cap of $52.35 billion, a PE ratio of 30.96, a P/E/G ratio of 4.91 and a beta of 0.91.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. Public Storage's revenue was up .1% compared to the same quarter last year. During the same quarter last year, the business earned $4.03 earnings per share. As a group, sell-side analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.02%. Public Storage's payout ratio is 119.17%.

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.