Public Storage (NYSE:PSA) is Duff & Phelps Investment Management Co.’s 6th Largest Position

Duff & Phelps Investment Management Co. grew its position in Public Storage (NYSE:PSA) by 4.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 574,610 shares of the real estate investment trust’s stock after acquiring an additional 25,285 shares during the quarter. Public Storage comprises approximately 2.1% of Duff & Phelps Investment Management Co.’s portfolio, making the stock its 6th biggest position. Duff & Phelps Investment Management Co.’s holdings in Public Storage were worth $175,256,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PSA shares. Barclays assumed coverage on Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective on the stock. Scotiabank increased their price objective on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th. BMO Capital Markets boosted their target price on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. The Goldman Sachs Group increased their price target on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Price Performance

Shares of NYSE:PSA traded up $5.22 on Monday, hitting $262.95. The company had a trading volume of 846,339 shares, compared to its average volume of 722,509. The company has a market cap of $46.20 billion, a PE ratio of 23.77, a PEG ratio of 3.38 and a beta of 0.54. The business has a 50 day moving average of $278.31 and a 200 day moving average of $276.27. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. 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 (NYSE:PSA) last released 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). The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business earned $4.16 earnings per share. As a group, equities analysts anticipate that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date was Tuesday, March 12th. Public Storage’s dividend payout ratio is presently 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.