PGGM Investments Has $55.33 Million Stake in Public Storage (NYSE:PSA)

PGGM Investments increased its holdings in Public Storage (NYSE:PSA) by 15.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 181,398 shares of the real estate investment trust’s stock after buying an additional 23,848 shares during the period. PGGM Investments owned 0.10% of Public Storage worth $55,326,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Private Ocean LLC raised its position 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 valued at $34,000 after purchasing an additional 109 shares in the last quarter. Centerpoint Advisors LLC acquired a new position in Public Storage during the fourth quarter valued at approximately $35,000. Turtle Creek Wealth Advisors LLC acquired a new position in Public Storage during the fourth quarter valued at approximately $35,000. Avior Wealth Management LLC increased its holdings in shares of Public Storage by 49.5% during the third quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 48 shares in the last quarter. Finally, Aspire Private Capital LLC increased its holdings in shares of Public Storage by 44.0% during the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 44 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Down 0.4 %

PSA traded down $0.95 during trading on Friday, reaching $257.73. 577,684 shares of the stock traded hands, compared to its average volume of 582,087. 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 stock has a market capitalization of $45.28 billion, a PE ratio of 23.30, a P/E/G ratio of 3.39 and a beta of 0.54. The stock’s 50-day moving average is $278.68 and its 200 day moving average is $276.31. Public Storage has a 12 month low of $233.18 and a 12 month 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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The company 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 for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $4.16 EPS. Equities analysts anticipate that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.66%. Public Storage’s dividend payout ratio (DPR) is presently 108.50%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PSA. Scotiabank upped their price target on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a report on Monday, March 18th. Barclays started coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. 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 note on Thursday, March 28th. Finally, BMO Capital Markets boosted their price objective on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.