Gotham Asset Management LLC Acquires 21,565 Shares of Public Storage (NYSE:PSA)

Gotham Asset Management LLC increased its stake in shares of Public Storage (NYSE:PSA) by 181.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 33,433 shares of the real estate investment trust’s stock after acquiring an additional 21,565 shares during the period. Gotham Asset Management LLC’s holdings in Public Storage were worth $10,011,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Graham Capital Management L.P. bought a new position in shares of Public Storage during the 4th quarter worth approximately $1,403,000. Focus Partners Wealth lifted its position in shares of Public Storage by 60.0% during the 4th quarter. Focus Partners Wealth now owns 13,971 shares of the real estate investment trust’s stock worth $4,614,000 after buying an additional 5,237 shares during the period. Ellevest Inc. lifted its holdings in Public Storage by 12.8% during the 4th quarter. Ellevest Inc. now owns 1,137 shares of the real estate investment trust’s stock valued at $340,000 after purchasing an additional 129 shares during the last quarter. Ethic Inc. lifted its holdings in Public Storage by 21.0% during the 4th quarter. Ethic Inc. now owns 15,093 shares of the real estate investment trust’s stock valued at $4,520,000 after purchasing an additional 2,618 shares during the last quarter. Finally, FORA Capital LLC bought a new position in Public Storage during the 4th quarter valued at about $3,505,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 1.1%

PSA opened at $303.93 on Monday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $53.32 billion, a price-to-earnings ratio of 31.56, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. The firm has a 50 day simple moving average of $294.18 and a 200 day simple moving average of $306.45. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99.

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

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.95%. The ex-dividend date is Thursday, June 12th. Public Storage’s payout ratio is presently 119.17%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Wells Fargo & Company cut their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Evercore ISI lifted their price objective on Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a research report on Friday, May 2nd. Mizuho began 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. Barclays reiterated an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Finally, Royal Bank of Canada dropped their target price on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a research note on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $333.75.

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.