Canada Pension Plan Investment Board Grows Stock Holdings in Public Storage (NYSE:PSA)

Canada Pension Plan Investment Board grew its holdings in Public Storage (NYSE:PSA) by 8.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,195,785 shares of the real estate investment trust’s stock after purchasing an additional 95,080 shares during the quarter. Canada Pension Plan Investment Board owned about 0.68% of Public Storage worth $343,968,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Daiwa Securities Group Inc. lifted its stake in shares of Public Storage by 86.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after purchasing an additional 299,826 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Public Storage by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares during the period. Vanguard Group Inc. grew its holdings in shares of Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after purchasing an additional 217,487 shares during the period. Centersquare Investment Management LLC grew its holdings in shares of Public Storage by 17.2% during the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares during the period. Finally, Panagora Asset Management Inc. grew its holdings in shares of Public Storage by 1,980.9% during the 2nd quarter. Panagora Asset Management Inc. now owns 144,185 shares of the real estate investment trust’s stock worth $41,475,000 after purchasing an additional 137,256 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on PSA shares. Barclays raised their target price on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Royal Bank of Canada started coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price for the company. Scotiabank raised their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Finally, Jefferies Financial Group lifted their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $332.71.

Public Storage Trading Down 0.6 %

PSA opened at $358.62 on Friday. The firm has a market cap of $62.77 billion, a price-to-earnings ratio of 32.57, a price-to-earnings-growth ratio of 5.12 and a beta of 0.67. Public Storage has a 52 week low of $233.18 and a 52 week high of $366.29. The business’s 50 day moving average is $325.73 and its two-hundred day moving average is $295.10. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

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

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is currently 108.99%.

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.