Public Storage (NYSE:PSA) Shares Purchased by GF Fund Management CO. LTD.

GF Fund Management CO. LTD. boosted its stake in Public Storage (NYSE:PSA) by 4.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,986 shares of the real estate investment trust’s stock after acquiring an additional 124 shares during the period. GF Fund Management CO. LTD.’s holdings in Public Storage were worth $894,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. purchased a new position in shares of Public Storage during the 4th quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Public Storage in the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new position in Public Storage during the first quarter worth $36,000. Millstone Evans Group LLC purchased a new position in Public Storage in the fourth quarter worth $38,000. Finally, Parvin Asset Management LLC acquired a new stake in Public Storage in the fourth quarter valued at $38,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE:PSA opened at $296.27 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The business’s fifty day moving average price is $298.90 and its two-hundred day moving average price is $297.13. The stock has a market cap of $51.97 billion, a PE ratio of 29.42, a price-to-earnings-growth ratio of 4.29 and a beta of 0.86. Public Storage has a one year low of $256.60 and a one year high of $369.99.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping the consensus estimate of $4.06 by $0.06. The company 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 36.50% and a net margin of 41.74%. Public Storage’s revenue was up .1% compared to the same quarter last year. During the same quarter last year, the business posted $4.03 earnings per share. On average, analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.05%. The ex-dividend date was Thursday, June 12th. Public Storage’s payout ratio is 119.17%.

Wall Street Analyst Weigh In

Several brokerages have commented on PSA. BNP Paribas upgraded shares of Public Storage to a “strong-buy” rating in a research report on Tuesday, June 24th. Barclays lowered their price target on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. BNP Paribas Exane initiated coverage on shares of Public Storage in a research note on Tuesday, June 24th. They set an “outperform” rating and a $331.00 price target on the stock. Bank of America upped their price target 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. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a research note on Thursday, April 10th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $337.64.

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.