Public Storage (NYSE:PSA) Position Boosted by Twin Capital Management Inc.

Twin Capital Management Inc. grew its position in Public Storage (NYSE:PSA) by 99.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,269 shares of the real estate investment trust’s stock after buying an additional 2,623 shares during the quarter. Twin Capital Management Inc.’s holdings in Public Storage were worth $1,607,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of Public Storage by 3.6% in the first quarter. Geode Capital Management LLC now owns 3,742,458 shares of the real estate investment trust’s stock worth $1,131,364,000 after buying an additional 129,555 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Public Storage by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after buying an additional 729,262 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Public Storage by 63.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust’s stock worth $832,580,000 after buying an additional 1,071,347 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Public Storage by 22.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock worth $633,949,000 after buying an additional 451,864 shares during the period. Finally, Norges Bank acquired a new position in shares of Public Storage in the fourth quarter worth about $670,512,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PSA has been the subject of several recent analyst reports. Truist Financial raised their target price on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a research report on Thursday, March 28th. The Goldman Sachs Group increased their price target on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. Finally, Barclays began coverage on shares of Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Trading Down 0.6 %

NYSE:PSA opened at $260.28 on Friday. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The firm has a market cap of $45.73 billion, a price-to-earnings ratio of 23.53, a P/E/G ratio of 3.43 and a beta of 0.54. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The company’s 50 day moving average is $281.24 and its 200-day moving average is $276.35.

Public Storage (NYSE:PSA) last released its quarterly earnings results 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). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the business earned $4.16 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts anticipate that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date was Tuesday, March 12th. Public Storage’s dividend payout ratio is 108.50%.

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.