Bank Julius Baer & Co. Ltd Zurich Grows Stock Holdings in Public Storage (NYSE:PSA)

Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Public Storage (NYSE:PSA) by 8.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 163,191 shares of the real estate investment trust’s stock after acquiring an additional 12,574 shares during the period. Bank Julius Baer & Co. Ltd Zurich’s holdings in Public Storage were worth $49,773,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Syon Capital LLC increased its holdings in Public Storage by 11.8% during the fourth quarter. Syon Capital LLC now owns 1,005 shares of the real estate investment trust’s stock valued at $306,000 after buying an additional 106 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its holdings in Public Storage by 6.7% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,514 shares of the real estate investment trust’s stock valued at $1,072,000 after buying an additional 221 shares during the last quarter. Atria Wealth Solutions Inc. increased its holdings in Public Storage by 34.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 5,579 shares of the real estate investment trust’s stock valued at $1,702,000 after buying an additional 1,416 shares during the last quarter. Wolverine Asset Management LLC purchased a new stake in Public Storage during the fourth quarter valued at approximately $1,057,000. Finally, GAMMA Investing LLC purchased a new stake in Public Storage during the fourth quarter valued at approximately $165,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of NYSE PSA traded down $3.49 during midday trading on Thursday, reaching $258.68. 598,385 shares of the stock traded hands, compared to its average volume of 722,773. The company’s 50 day moving average is $279.71 and its 200 day moving average is $276.52. Public Storage has a one year low of $233.18 and a one year high of $312.25. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a market capitalization of $45.45 billion, a PE ratio of 23.70, a P/E/G ratio of 3.44 and a beta of 0.54.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the business posted $4.16 EPS. The firm’s revenue was up 6.6% on a year-over-year basis. On average, equities research analysts anticipate that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio is currently 108.50%.

Analysts Set New Price Targets

A number of analysts have commented on PSA shares. BMO Capital Markets upped their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research note on Thursday, March 28th. Truist Financial increased their price objective on shares of Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday, December 28th. Scotiabank increased their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. Finally, Barclays started coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $305.00.

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.