Charles Schwab Investment Management Inc. Purchases 216,331 Shares of Public Storage (NYSE:PSA)

Charles Schwab Investment Management Inc. boosted its position in Public Storage (NYSE:PSA) by 8.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,687,170 shares of the real estate investment trust’s stock after buying an additional 216,331 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Public Storage were worth $794,161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. Private Ocean LLC increased its position in Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares during the period. Centerpoint Advisors LLC acquired a new stake in shares of Public Storage in the fourth quarter valued at approximately $35,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Public Storage during the fourth quarter worth approximately $35,000. Aspire Private Capital LLC increased its stake in Public Storage by 44.0% during the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 44 shares during the period. Finally, Rise Advisors LLC raised its holdings in Public Storage by 165.5% in the 4th quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 91 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Public Storage Stock Performance

Shares of PSA traded up $4.13 on Tuesday, reaching $273.32. 520,261 shares of the company’s stock traded hands, compared to its average volume of 728,437. The stock’s 50 day simple moving average is $276.12 and its two-hundred day simple moving average is $276.24. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The stock has a market cap of $48.02 billion, a PE ratio of 24.82, a PEG ratio of 3.49 and a beta of 0.57.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the firm posted $4.16 earnings per share. Public Storage’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.39%. Public Storage’s payout ratio is presently 108.99%.

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.