Russell Investments Group Ltd. Raises Position in Public Storage (NYSE:PSA)

Russell Investments Group Ltd. grew its position in Public Storage (NYSE:PSA) by 0.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 812,793 shares of the real estate investment trust’s stock after buying an additional 7,414 shares during the period. Public Storage makes up about 0.4% of Russell Investments Group Ltd.’s investment portfolio, making the stock its 26th largest holding. Russell Investments Group Ltd. owned about 0.46% of Public Storage worth $248,236,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of PSA. Second Half Financial Partners LLC purchased a new position in Public Storage in the third quarter worth about $290,129,000. JPMorgan Chase & Co. raised its holdings in shares of Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after purchasing an additional 729,262 shares during the last quarter. Lazard Asset Management LLC raised its holdings in shares of Public Storage by 555.6% during the third quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock valued at $162,104,000 after purchasing an additional 521,322 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Public Storage by 22.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock valued at $633,949,000 after purchasing an additional 451,864 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Public Storage by 29.0% during the third quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust’s stock valued at $300,786,000 after purchasing an additional 256,326 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PSA. BMO Capital Markets boosted their price objective 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. The Goldman Sachs Group boosted their price objective on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. 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 report on Thursday, March 28th. Scotiabank boosted their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. Finally, Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $280.00 to $310.00 in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Price Performance

Shares of PSA traded down $0.95 during mid-day trading on Friday, reaching $257.73. The stock had a trading volume of 577,684 shares, compared to its average volume of 582,087. The firm has a market cap of $45.28 billion, a price-to-earnings ratio of 23.30, a PEG ratio of 3.39 and a beta of 0.54. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The business has a fifty day moving average of $278.68 and a 200 day moving average of $276.31. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62.

Public Storage (NYSE:PSA) last issued its 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). The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. Public Storage’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.16 EPS. Equities analysts predict that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

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

Public Storage Company 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.