PGGM Investments Buys 23,848 Shares of Public Storage (NYSE:PSA)

PGGM Investments grew its stake in shares of Public Storage (NYSE:PSA) by 15.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 181,398 shares of the real estate investment trust’s stock after purchasing an additional 23,848 shares during the period. PGGM Investments’ holdings in Public Storage were worth $55,326,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Integrated Wealth Concepts LLC boosted its stake in shares of Public Storage by 16.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after purchasing an additional 1,349 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Public Storage by 8.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after purchasing an additional 9,223 shares in the last quarter. Raymond James & Associates boosted its stake in Public Storage by 4.3% during the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock worth $34,917,000 after acquiring an additional 4,695 shares in the last quarter. Ellsworth Advisors LLC boosted its stake in Public Storage by 615.7% during the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after acquiring an additional 17,036 shares in the last quarter. Finally, 1834 Investment Advisors Co. boosted its stake in Public Storage by 115.3% during the fourth quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock worth $5,170,000 after acquiring an additional 9,078 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PSA shares. The Goldman Sachs Group boosted their price objective on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective on the stock. BMO Capital Markets boosted their price objective on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Finally, Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Performance

Shares of PSA traded down $0.95 during mid-day trading on Friday, hitting $257.73. 577,684 shares of the company traded hands, compared to its average volume of 582,087. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. The stock has a 50-day moving average price of $278.68 and a two-hundred day moving average price of $276.31. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The stock has a market cap of $45.28 billion, a price-to-earnings ratio of 23.30, a P/E/G ratio of 3.39 and a beta of 0.54.

Public Storage (NYSE:PSA) last announced its 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 for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the company posted $4.16 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. Equities analysts anticipate that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.66%. Public Storage’s dividend payout ratio is currently 108.50%.

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.