National Pension Service Has $105.63 Million Stake in Public Storage (NYSE:PSA)

National Pension Service lifted its position in shares of Public Storage (NYSE:PSA) by 2.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 346,316 shares of the real estate investment trust’s stock after buying an additional 9,492 shares during the period. National Pension Service owned about 0.20% of Public Storage worth $105,626,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Private Ocean LLC boosted its holdings in Public Storage by 5,450.0% during the fourth 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. EdgeRock Capital LLC bought a new position in shares of Public Storage in the 4th quarter valued at about $32,000. Centerpoint Advisors LLC acquired a new position in shares of Public Storage during the 4th quarter worth about $35,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Public Storage in the 4th quarter valued at about $35,000. Finally, Aspire Private Capital LLC lifted its stake in Public Storage by 44.0% in the 3rd 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 last quarter. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PSA. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research report on Thursday, March 28th. BMO Capital Markets lifted their target price on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Barclays initiated coverage on shares of Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target on the stock. Finally, Scotiabank lifted their price target on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Price Performance

NYSE:PSA traded up $4.21 during trading hours on Thursday, hitting $273.23. The company’s stock had a trading volume of 120,335 shares, compared to its average volume of 718,668. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market capitalization of $48.00 billion, a P/E ratio of 24.80, a PEG ratio of 3.49 and a beta of 0.57. Public Storage has a twelve month low of $233.18 and a twelve month high of $312.25. The stock has a fifty day simple moving average of $276.12 and a 200-day simple moving average of $276.24.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the company posted $4.16 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, analysts anticipate that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.39%. Public Storage’s payout ratio is currently 108.99%.

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.