BROOKFIELD Corp ON Acquires 24,390 Shares of Public Storage (NYSE:PSA)

BROOKFIELD Corp ON increased its holdings in shares of Public Storage (NYSE:PSA) by 238.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,619 shares of the real estate investment trust’s stock after acquiring an additional 24,390 shares during the quarter. BROOKFIELD Corp ON’s holdings in Public Storage were worth $10,366,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Cohen & Steers Inc. increased its holdings in shares of Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after purchasing an additional 592,944 shares during the period. Geode Capital Management LLC grew its position in Public Storage by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock worth $1,197,769,000 after buying an additional 78,472 shares in the last quarter. Norges Bank bought a new position in Public Storage during the 4th quarter worth $931,286,000. Northern Trust Corp raised its holdings in 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 valued at $741,592,000 after acquiring an additional 749,913 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Public Storage by 2.6% in the 4th quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust’s stock valued at $329,159,000 after acquiring an additional 27,693 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA stock opened at $300.26 on Tuesday. The firm has a market capitalization of $52.67 billion, a price-to-earnings ratio of 31.18, a PEG ratio of 4.91 and a beta of 0.91. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The business’s 50-day moving average price is $294.65 and its 200-day moving average price is $307.45. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99.

Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping analysts’ consensus estimates of $4.06 by $0.06. The firm 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%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.03 EPS. Equities research analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Thursday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.00%. The ex-dividend date was Thursday, March 13th. Public Storage’s payout ratio is presently 119.17%.

Analysts Set New Price Targets

A number of brokerages recently commented on PSA. Mizuho assumed coverage on Public Storage in a research report on Wednesday, April 9th. They issued a “neutral” rating and a $287.00 price target on the stock. Barclays reissued an “overweight” rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Evercore ISI upped their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a report on Friday. Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a research note on Thursday, April 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and boosted their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $333.75.

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.