Live Oak Investment Partners Boosts Position in Public Storage (NYSE:PSA)

Live Oak Investment Partners increased its stake in Public Storage (NYSE:PSA) by 13.8% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,699 shares of the real estate investment trust’s stock after acquiring an additional 206 shares during the quarter. Live Oak Investment Partners’ holdings in Public Storage were worth $508,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in PSA. Norges Bank purchased a new position in Public Storage in the 4th quarter worth about $931,286,000. Northern Trust Corp increased its position in Public Storage by 43.4% during the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after purchasing an additional 749,913 shares during the period. Cohen & Steers Inc. increased its position in Public Storage by 12.3% during the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock valued at $1,626,731,000 after purchasing an additional 592,944 shares during the period. GAMMA Investing LLC increased its position in Public Storage by 34,827.1% during the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust’s stock valued at $157,114,000 after purchasing an additional 523,452 shares during the period. Finally, Deutsche Bank AG increased its position in Public Storage by 44.6% during the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust’s stock valued at $421,538,000 after purchasing an additional 433,918 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Up 0.4%

NYSE:PSA opened at $295.84 on Wednesday. The company has a market cap of $51.90 billion, a PE ratio of 29.38, a P/E/G ratio of 4.26 and a beta of 0.89. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The company’s 50 day moving average is $298.80 and its two-hundred day moving average is $298.53.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business 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 quarterly revenue was up .1% compared to the same quarter last year. Analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.06%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio is currently 119.17%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PSA. 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 on the stock. Royal Bank Of Canada cut their price objective on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research report on Friday, May 2nd. Bank of America lifted their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. BNP Paribas raised shares of Public Storage to a “strong-buy” rating in a research report on Tuesday. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a research report on Thursday, April 10th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $337.64.

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.