National Pension Service Grows Holdings in Public Storage (NYSE:PSA)

National Pension Service lifted its position in Public Storage (NYSE:PSA) by 2.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 346,316 shares of the real estate investment trust’s stock after purchasing an additional 9,492 shares during the quarter. National Pension Service’s holdings in Public Storage were worth $105,626,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Second Half Financial Partners LLC bought a new position in shares of Public Storage in the third quarter worth about $290,129,000. JPMorgan Chase & Co. raised its position in shares of Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after buying an additional 729,262 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Public Storage by 555.6% in the third quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock worth $162,104,000 after buying an additional 521,322 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Public Storage by 22.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock worth $633,949,000 after acquiring an additional 451,864 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Public Storage by 29.0% in the 3rd quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust’s stock valued at $300,786,000 after acquiring an additional 256,326 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Up 1.6 %

Shares of PSA traded up $4.21 during trading hours on Thursday, hitting $273.23. The company had a trading volume of 120,335 shares, compared to its average volume of 718,668. The company has a market capitalization of $48.00 billion, a PE ratio of 24.80, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. The company’s fifty day moving average price is $276.12 and its two-hundred day moving average price is $276.24. Public Storage has a one year low of $233.18 and a one year high of $312.25. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage (NYSE:PSA) last posted 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). Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the company earned $4.16 earnings per share. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.39%. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research report on Thursday, March 28th. BMO Capital Markets increased their target price on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Scotiabank increased their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. The Goldman Sachs Group upped their target price on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Finally, Barclays began coverage on Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $305.00.

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.