Public Storage (NYSE:PSA) Shares Acquired by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp raised its holdings in shares of Public Storage (NYSE:PSA) by 20.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,632 shares of the real estate investment trust’s stock after buying an additional 1,122 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Public Storage were worth $1,986,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSA. Quent Capital LLC lifted its position in Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Public Storage during the fourth quarter valued at approximately $32,000. Synergy Asset Management LLC acquired a new position in Public Storage during the fourth quarter valued at approximately $38,000. Millstone Evans Group LLC acquired a new position in Public Storage during the fourth quarter valued at approximately $38,000. Finally, Parvin Asset Management LLC acquired a new position in Public Storage during the fourth quarter valued at approximately $38,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Up 2.3%

NYSE PSA opened at $304.99 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company’s fifty day simple moving average is $293.44 and its 200-day simple moving average is $305.93. The stock has a market cap of $53.50 billion, a P/E ratio of 31.67, a PEG ratio of 4.91 and a beta of 0.91. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.06 by $0.06. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.03 earnings per share. Equities research analysts predict that Public Storage will post 16.7 EPS for the current fiscal 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 paid a $3.00 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.93%. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wells Fargo & Company reduced their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Barclays reaffirmed an “overweight” rating and set a $354.00 price target (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Scotiabank lifted their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research report on Monday. Evercore ISI boosted their target price on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research report on Friday, May 2nd. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a research report on Thursday, April 10th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $337.67.

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.