Public Storage (NYSE:PSA) Shares Bought by National Bank of Canada FI

National Bank of Canada FI grew its stake in Public Storage (NYSE:PSA) by 1.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 148,626 shares of the real estate investment trust’s stock after purchasing an additional 2,439 shares during the period. National Bank of Canada FI’s holdings in Public Storage were worth $45,404,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSA. JPMorgan Chase & Co. increased its position in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after acquiring an additional 729,262 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Public Storage by 22.4% during 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 purchasing an additional 451,864 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Public Storage by 2.8% during the third quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock worth $609,253,000 after purchasing an additional 63,289 shares during the period. Morgan Stanley grew its position in Public Storage by 0.8% in the 3rd quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock valued at $442,753,000 after buying an additional 13,864 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Public Storage by 6.5% in the 3rd quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock valued at $350,540,000 after buying an additional 80,784 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PSA. Scotiabank lifted their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price target for the company. BMO Capital Markets increased their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $280.00 to $310.00 in a report on Friday, April 5th. Finally, Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Trading Up 0.5 %

Shares of PSA stock traded up $1.39 on Monday, reaching $267.15. 280,717 shares of the stock were exchanged, compared to its average volume of 727,099. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25. The stock has a market cap of $46.94 billion, a P/E ratio of 24.14, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.59. The firm has a 50 day moving average of $276.44 and a two-hundred day moving average of $276.00.

Public Storage (NYSE:PSA) last released its quarterly earnings data 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 business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the company earned $4.16 EPS. On average, research analysts anticipate that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.49%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

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.