Sumitomo Mitsui DS Asset Management Company Ltd Buys 2,890 Shares of Public Storage (NYSE:PSA)

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Public Storage (NYSE:PSA - Free Report) by 6.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,163 shares of the real estate investment trust's stock after acquiring an additional 2,890 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Public Storage were worth $18,617,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. OFI Invest Asset Management purchased a new position in shares of Public Storage in the second quarter worth $32,000. Opal Wealth Advisors LLC purchased a new stake in Public Storage in the second quarter valued at about $36,000. Riverview Trust Co acquired a new position in shares of Public Storage in the 1st quarter valued at $37,000. Crewe Advisors LLC purchased a new stake in Public Storage in the first quarter valued at $39,000. Finally, EdgeRock Capital LLC acquired a new position in Public Storage in the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Trading Up 0.1 %

NYSE:PSA traded up $0.22 during trading hours on Friday, hitting $345.62. 368,769 shares of the stock were exchanged, compared to its average volume of 708,650. The company's 50 day moving average is $345.72 and its two-hundred day moving average is $305.06. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99. 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 company has a market capitalization of $60.49 billion, a P/E ratio of 32.39, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage's quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.28 EPS. On average, sell-side analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $3.00 dividend. The ex-dividend date was Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.47%. Public Storage's dividend payout ratio is currently 112.46%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wells Fargo & Company raised their price objective on Public Storage from $310.00 to $320.00 and gave the company an "overweight" rating in a report on Friday, July 26th. Wolfe Research upgraded Public Storage to a "strong-buy" rating in a research note on Wednesday, September 4th. Evercore ISI decreased their target price on Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a research note on Monday. Bank of America lowered Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 price target on the stock. in a research report on Monday, August 5th. Finally, Morgan Stanley boosted their target price on Public Storage from $293.00 to $315.00 and gave the company an "equal weight" rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Public Storage currently has a consensus rating of "Moderate Buy" and a consensus target price of $337.00.

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.