Swedbank AB Buys 37,285 Shares of Public Storage (NYSE:PSA)

Swedbank AB raised its stake in shares of Public Storage (NYSE:PSA - Free Report) by 31.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 154,167 shares of the real estate investment trust's stock after buying an additional 37,285 shares during the quarter. Swedbank AB owned about 0.09% of Public Storage worth $56,097,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. OFI Invest Asset Management bought a new stake in Public Storage during the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage in the second quarter worth $36,000. Riverview Trust Co bought a new stake in Public Storage during the first quarter valued at $37,000. Crewe Advisors LLC purchased a new position in Public Storage during the first quarter worth about $39,000. Finally, EdgeRock Capital LLC bought a new position in Public Storage in the 2nd quarter worth about $39,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research analyst reports. Barclays lifted their price target on Public Storage from $327.00 to $374.00 and gave the company an "overweight" rating in a research report on Thursday, August 22nd. Truist Financial cut shares of Public Storage from a "buy" rating to a "hold" rating and set a $306.00 price target for the company. in a research note on Thursday, August 1st. Scotiabank raised their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a research report on Thursday, August 22nd. Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a report on Monday. Finally, Wells Fargo & Company increased their target price on Public Storage from $310.00 to $320.00 and gave the company an "overweight" rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $337.00.

Public Storage Price Performance

PSA opened at $345.05 on Wednesday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The stock's 50 day simple moving average is $343.75 and its 200 day simple moving average is $304.06. The firm has a market cap of $60.63 billion, a price-to-earnings ratio of 31.34, a PEG ratio of 4.82 and a beta of 0.68. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99.

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

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.48%. Public Storage's dividend payout ratio (DPR) is presently 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.