Park Avenue Securities LLC Boosts Stock Holdings in Public Storage (NYSE:PSA)

Park Avenue Securities LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 18.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 3,725 shares of the real estate investment trust’s stock after purchasing an additional 592 shares during the period. Park Avenue Securities LLC’s holdings in Public Storage were worth $1,115,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PSA. Norges Bank purchased a new position in shares of Public Storage in the 4th quarter worth approximately $931,286,000. Northern Trust Corp grew 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 buying an additional 749,913 shares during the last quarter. Cohen & Steers Inc. boosted its stake in 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 worth $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. GAMMA Investing LLC boosted its stake in Public Storage by 34,827.1% in the 1st 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 in the last quarter. Finally, Deutsche Bank AG boosted its stake in Public Storage by 44.6% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price for the company in a research note on Thursday, April 10th. Wells Fargo & Company lowered their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Evercore ISI lifted their target price on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research note on Friday, May 2nd. Barclays lowered their target price on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Finally, Mizuho lifted their target price on shares of Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.25.

Public Storage Stock Down 1.2%

PSA stock opened at $296.53 on Friday. The firm’s fifty day simple moving average is $296.53 and its 200-day simple moving average is $301.54. The company has a market capitalization of $52.02 billion, a P/E ratio of 30.79, a price-to-earnings-growth ratio of 4.91 and a beta of 0.89. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. 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 (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the business posted $4.03 EPS. The business’s revenue was up .1% compared to the same quarter last year. As a group, equities research analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors 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 yield of 4.05%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

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.