Signaturefd LLC Increases Stake in Public Storage (NYSE:PSA)

Signaturefd LLC raised its holdings in shares of Public Storage (NYSE:PSA) by 19.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,779 shares of the real estate investment trust’s stock after purchasing an additional 285 shares during the quarter. Signaturefd LLC’s holdings in Public Storage were worth $532,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Cohen & Steers Inc. grew its position in shares of Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock worth $1,626,731,000 after buying an additional 592,944 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Public Storage by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock valued at $1,197,769,000 after purchasing an additional 78,472 shares in the last quarter. Norges Bank purchased a new stake in Public Storage in the 4th quarter worth $931,286,000. Northern Trust Corp increased its holdings in Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock worth $741,592,000 after acquiring an additional 749,913 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Public Storage by 10.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust’s stock worth $509,803,000 after buying an additional 158,665 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

PSA has been the topic of several research reports. Mizuho increased their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Scotiabank increased their price objective on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a report on Monday, May 12th. Barclays decreased their price target on Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Truist Financial upgraded Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research report on Thursday, April 10th. Finally, Royal Bank Of Canada dropped their price objective on Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $337.64.

Public Storage Trading Down 0.7%

Shares of PSA opened at $283.64 on Friday. 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 firm has a market capitalization of $49.76 billion, a P/E ratio of 28.17, a P/E/G ratio of 4.16 and a beta of 0.86. The firm has a 50-day moving average price of $297.04 and a 200 day moving average price of $296.50. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99.

Public Storage (NYSE:PSA) last announced its 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. 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 for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the firm posted $4.03 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. Sell-side analysts forecast 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 was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage’s payout ratio is currently 119.17%.

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.