Public Storage (NYSE:PSA) Shares Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC raised its stake in Public Storage (NYSE:PSA) by 41.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,300 shares of the real estate investment trust’s stock after acquiring an additional 39,566 shares during the period. Renaissance Technologies LLC owned 0.08% of Public Storage worth $38,631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 44 shares during the last quarter. Core Wealth Advisors Inc. acquired a new stake in Public Storage during the 4th quarter worth approximately $30,000. OFI Invest Asset Management acquired a new stake in Public Storage during the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC purchased a new position in shares of Public Storage in the 2nd quarter valued at approximately $36,000. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Public Storage in the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of PSA stock opened at $360.72 on Thursday. The stock has a fifty day moving average price of $324.49 and a 200 day moving average price of $294.65. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $63.39 billion, a PE ratio of 32.76, a P/E/G ratio of 5.06 and a beta of 0.67. Public Storage has a 1 year low of $233.18 and a 1 year high of $366.29.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the firm earned $4.28 EPS. Sell-side analysts forecast that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.33%. Public Storage’s dividend payout ratio is presently 108.99%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PSA. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research report on Monday, August 5th. Wells Fargo & Company boosted their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Royal Bank of Canada began coverage on shares of Public Storage in a research report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective for the company. Scotiabank boosted their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Citigroup raised their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $332.71.

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.