Nuveen LLC Invests $271.20 Million in Public Storage (NYSE:PSA)

Nuveen LLC acquired a new position in Public Storage (NYSE:PSAFree Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 906,130 shares of the real estate investment trust’s stock, valued at approximately $271,196,000. Nuveen LLC owned approximately 0.52% of Public Storage as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Public Storage by 0.7% during the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock worth $6,206,046,000 after buying an additional 143,575 shares during the last quarter. Cohen & Steers Inc. increased its holdings in shares of Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock valued at $1,626,731,000 after purchasing an additional 592,944 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Public Storage by 1.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust’s stock valued at $848,425,000 after purchasing an additional 34,718 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Public Storage by 43.4% in the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after purchasing an additional 749,913 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Public Storage by 10.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust’s stock valued at $509,803,000 after purchasing an additional 158,665 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Price Performance

PSA opened at $281.88 on Monday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The stock has a market capitalization of $49.46 billion, a PE ratio of 30.74, a price-to-earnings-growth ratio of 4.11 and a beta of 0.86. The stock’s 50 day moving average price is $291.28 and its 200-day moving average price is $295.36.

Public Storage (NYSE:PSAGet Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping the consensus estimate of $4.23 by $0.05. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company posted $4.23 earnings per share. On average, equities research analysts predict that Public Storage will post 16.7 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on PSA. BNP Paribas upgraded shares of Public Storage to a “strong-buy” rating in a report on Tuesday, June 24th. Evercore ISI boosted their target price on shares of Public Storage from $308.00 to $309.00 and gave the company an “in-line” rating in a research report on Monday, August 4th. Bank of America boosted their target price on shares of Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Mizuho boosted their target price on shares of Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research report on Wednesday, May 28th. Finally, Wall Street Zen cut shares of Public Storage from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $335.43.

Check Out Our Latest Stock Analysis on PSA

About Public Storage

(Free Report)

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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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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