Public Storage (NYSE:PSA) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 1.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 142,255 shares of the real estate investment trust's stock after buying an additional 2,605 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.08% of Public Storage worth $51,762,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Global Assets Advisory LLC purchased a new position in Public Storage in the 1st quarter valued at approximately $7,319,000. Centersquare Investment Management LLC lifted its stake in Public Storage by 17.2% during 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 last quarter. Manning & Napier Advisors LLC bought a new stake in Public Storage in the 2nd quarter worth approximately $14,301,000. PGGM Investments raised its position in Public Storage by 8.0% in the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust's stock worth $48,162,000 after purchasing an additional 12,396 shares during the period. Finally, Swedbank AB purchased a new position in Public Storage in the 1st quarter worth approximately $17,465,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Shares of NYSE PSA traded up $2.14 during trading on Tuesday, hitting $333.99. The company had a trading volume of 239,218 shares, compared to its average volume of 706,885. The stock has a 50 day simple moving average of $346.07 and a 200 day simple moving average of $305.74. The firm has a market capitalization of $58.45 billion, a P/E ratio of 31.49, a price-to-earnings-growth ratio of 4.87 and a beta of 0.68. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

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

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.59%. The ex-dividend date was Friday, September 13th. Public Storage's dividend payout ratio is presently 112.46%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PSA shares. Royal Bank of Canada initiated coverage on shares of Public Storage in a research report on Tuesday, September 10th. They issued a "sector perform" rating and a $358.00 target price for the company. Wells Fargo & Company increased their target price on Public Storage from $320.00 to $375.00 and gave the stock an "overweight" rating in a research report on Monday. Scotiabank increased their target price on Public Storage from $308.00 to $339.00 and gave the company 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 price target for the company. in a research note on Monday, August 5th. Finally, Barclays lifted their price objective on Public Storage from $327.00 to $374.00 and gave the stock an "overweight" rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $340.93.

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.