Public Storage (NYSE:PSA) Position Boosted by GAM Holding AG

GAM Holding AG grew its holdings in shares of Public Storage (NYSE:PSA) by 0.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 33,074 shares of the real estate investment trust’s stock after purchasing an additional 135 shares during the period. GAM Holding AG’s holdings in Public Storage were worth $12,034,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in PSA. Daiwa Securities Group Inc. boosted its position in shares of Public Storage by 86.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after purchasing an additional 299,826 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Public Storage by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after buying an additional 281,800 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after buying an additional 219,391 shares in the last quarter. Vanguard Group Inc. lifted its stake in Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after buying an additional 217,487 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Public Storage by 116.7% during the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after buying an additional 208,546 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.9 %

Public Storage stock opened at $334.98 on Wednesday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The business’s 50-day simple moving average is $346.44 and its 200-day simple moving average is $306.11. The firm has a market capitalization of $58.63 billion, a PE ratio of 31.39, a PEG ratio of 4.87 and a beta of 0.68. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.28 earnings per share. Equities research analysts forecast that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.58%. Public Storage’s payout ratio is presently 112.46%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Barclays boosted their price objective on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Jefferies Financial Group boosted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Citigroup upped their price target on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Evercore ISI cut their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $340.93.

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.