One Capital Management LLC Acquires Shares of 3,111 Public Storage (NYSE:PSA)

One Capital Management LLC bought a new stake in shares of Public Storage (NYSE:PSA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,111 shares of the real estate investment trust's stock, valued at approximately $895,000.

Other hedge funds have also recently made changes to their positions in the company. Gold Investment Management Ltd. purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $849,000. The Manufacturers Life Insurance Company grew its stake in Public Storage by 4.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 129,091 shares of the real estate investment trust's stock worth $39,373,000 after purchasing an additional 5,239 shares during the period. Global Assets Advisory LLC purchased a new stake in Public Storage in the first quarter worth $7,319,000. Centersquare Investment Management LLC grew its stake in Public Storage by 17.2% in the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust's stock worth $343,573,000 after purchasing an additional 173,975 shares during the period. Finally, Scarborough Advisors LLC purchased a new stake in Public Storage in the fourth quarter worth $4,701,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Jefferies Financial Group upped their price target on Public Storage from $360.00 to $422.00 and gave the stock a "buy" rating in a research note on Wednesday. Scotiabank increased their target price on Public Storage from $308.00 to $339.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 22nd. Bank of America cut Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 target price on the stock. in a research note on Monday, August 5th. Royal Bank of Canada began coverage on Public Storage in a research note on Tuesday, September 10th. They issued a "sector perform" rating and a $358.00 target price on the stock. Finally, Citigroup increased their target price on Public Storage from $303.00 to $378.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $332.71.

Public Storage Stock Performance

PSA traded up $3.15 during midday trading on Wednesday, reaching $360.72. The company had a trading volume of 549,351 shares, compared to its average volume of 709,469. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The business has a 50-day moving average of $323.03 and a two-hundred day moving average of $294.19. The company has a market cap of $63.39 billion, a P/E ratio of 32.87, a P/E/G ratio of 5.06 and a beta of 0.67. Public Storage has a 1 year low of $233.18 and a 1 year high of $366.29.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts' consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million during the quarter, compared to analysts' expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business's quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.28 EPS. As a group, equities research analysts predict that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage's dividend payout ratio is currently 108.99%.

Public Storage 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.