Tokio Marine Asset Management Co. Ltd. Grows Stake in Public Storage (NYSE:PSA)

Tokio Marine Asset Management Co. Ltd. boosted its position in Public Storage (NYSE:PSA) by 6.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,514 shares of the real estate investment trust’s stock after buying an additional 221 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Public Storage were worth $1,072,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Private Ocean LLC increased its position in Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 109 shares during the last quarter. Centerpoint Advisors LLC purchased a new stake in Public Storage during the 4th quarter valued at about $35,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Public Storage during the 4th quarter worth $35,000. Aspire Private Capital LLC boosted its position in Public Storage by 44.0% in the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 44 shares during the period. Finally, Avior Wealth Management LLC grew its stake in shares of Public Storage by 49.5% during the third quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.4 %

NYSE:PSA traded up $0.92 on Friday, hitting $259.60. The stock had a trading volume of 88,520 shares, compared to its average volume of 714,770. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The firm’s fifty day simple moving average is $279.16 and its two-hundred day simple moving average is $276.39. The stock has a market cap of $45.61 billion, a P/E ratio of 23.39, a price-to-earnings-growth ratio of 3.44 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.16 earnings per share. Analysts predict that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.62%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PSA. Scotiabank upped their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. BMO Capital Markets lifted their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Truist Financial raised their target price on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. The Goldman Sachs Group lifted their price target on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Finally, Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $280.00 to $310.00 in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Company 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.