Public Storage (NYSE:PSA) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp increased its position in shares of Public Storage (NYSE:PSA) by 12.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 92,109 shares of the real estate investment trust’s stock after purchasing an additional 10,025 shares during the quarter. Van ECK Associates Corp owned 0.05% of Public Storage worth $28,093,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Private Ocean LLC lifted its holdings in shares of Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 109 shares during the last quarter. Centerpoint Advisors LLC acquired a new position in Public Storage during the 4th quarter valued at about $35,000. Turtle Creek Wealth Advisors LLC bought a new position in Public Storage in the 4th quarter worth about $35,000. Aspire Private Capital LLC increased its stake in shares of Public Storage by 44.0% in the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 44 shares during the period. Finally, Rise Advisors LLC raised its holdings in shares of Public Storage by 165.5% during the fourth quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 91 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Down 1.3 %

Shares of Public Storage stock opened at $259.45 on Wednesday. The company’s fifty day simple moving average is $277.82 and its 200-day simple moving average is $276.18. The company has a market cap of $45.58 billion, a price-to-earnings ratio of 23.46, a PEG ratio of 3.45 and a beta of 0.54. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. Public Storage’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $4.16 earnings per share. As a group, sell-side analysts expect that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.63%. Public Storage’s payout ratio is presently 108.50%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. BMO Capital Markets raised their price target on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. The Goldman Sachs Group lifted their price target on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Barclays assumed coverage on Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Company 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.