Asset Management One Co. Ltd. Raises Stock Position in Public Storage (NYSE:PSA)

Asset Management One Co. Ltd. grew its stake in Public Storage (NYSE:PSA) by 1.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 310,601 shares of the real estate investment trust’s stock after purchasing an additional 3,627 shares during the quarter. Asset Management One Co. Ltd. owned about 0.18% of Public Storage worth $92,960,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PSA. Norges Bank purchased a new stake in Public Storage in the fourth quarter worth about $931,286,000. Northern Trust Corp raised its position in shares of Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock worth $741,592,000 after acquiring an additional 749,913 shares in the last quarter. Cohen & Steers Inc. lifted its stake in shares of Public Storage by 12.3% in the 4th 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 period. GAMMA Investing LLC grew its stake in Public Storage by 34,827.1% in the first quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust’s stock worth $157,114,000 after purchasing an additional 523,452 shares during the period. Finally, Deutsche Bank AG grew its stake in Public Storage by 44.6% in the fourth quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust’s stock worth $421,538,000 after purchasing an additional 433,918 shares during the period. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Barclays lowered their price objective on Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Bank of America boosted their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Evercore ISI upped their price objective on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a report on Friday, May 2nd. BMO Capital Markets downgraded shares of Public Storage from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $340.00 to $325.00 in a research note on Friday. Finally, Scotiabank boosted their price target 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. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $338.15.

Public Storage Price Performance

Shares of PSA opened at $295.00 on Tuesday. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The company has a market capitalization of $51.75 billion, a P/E ratio of 29.29, a price-to-earnings-growth ratio of 4.20 and a beta of 0.89. The firm has a 50 day moving average of $298.66 and a 200 day moving average of $298.55. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping analysts’ consensus estimates of $4.06 by $0.06. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the company earned $4.03 EPS. As a group, equities research 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 declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date is Thursday, June 12th. Public Storage’s payout ratio is presently 119.17%.

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.