PFG Investments LLC Decreases Holdings in Public Storage (NYSE:PSA)

PFG Investments LLC lessened its stake in shares of Public Storage (NYSE:PSA) by 13.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 927 shares of the real estate investment trust’s stock after selling 146 shares during the period. PFG Investments LLC’s holdings in Public Storage were worth $277,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Public Storage in the fourth quarter worth about $931,286,000. Northern Trust Corp increased its stake in shares of Public Storage by 43.4% in the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock worth $741,592,000 after purchasing an additional 749,913 shares in the last quarter. Cohen & Steers Inc. increased its stake in shares of Public Storage by 12.3% in 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 in the last quarter. GAMMA Investing LLC increased its stake in shares of 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 in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSA. Scotiabank lifted their target price on shares of Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a research note on Monday, May 12th. BNP Paribas Exane began coverage on shares of Public Storage in a research report on Tuesday. They issued an “outperform” rating and a $331.00 price objective for the company. Mizuho boosted their price objective on shares of Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research note on Thursday, April 10th. Finally, Bank of America boosted their price objective on shares of Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $337.64.

Public Storage Trading Down 2.0%

NYSE:PSA opened at $289.69 on Thursday. The company has a fifty day moving average of $298.81 and a 200 day moving average of $298.47. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $50.82 billion, a P/E ratio of 28.77, a P/E/G ratio of 4.28 and a beta of 0.89.

Public Storage (NYSE:PSA) last posted its quarterly earnings results 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. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business posted $4.03 EPS. The firm’s revenue was up .1% compared to the same quarter last year. On average, research analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s dividend payout ratio is currently 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.