Public Storage (NYSE:PSA) is Duff & Phelps Investment Management Co.’s 6th Largest Position

Duff & Phelps Investment Management Co. cut its stake in Public Storage (NYSE:PSA) by 4.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 591,360 shares of the real estate investment trust’s stock after selling 26,195 shares during the quarter. Public Storage comprises about 2.2% of Duff & Phelps Investment Management Co.’s investment portfolio, making the stock its 6th biggest position. Duff & Phelps Investment Management Co. owned 0.34% of Public Storage worth $170,105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Daiwa Securities Group Inc. raised its holdings in shares of Public Storage by 86.8% during 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 buying an additional 299,826 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Public Storage by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after purchasing an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares during the period. Vanguard Group Inc. boosted its stake in shares of Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after purchasing an additional 217,487 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Public Storage by 116.7% during the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after purchasing an additional 208,546 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PSA shares. Scotiabank boosted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Wells Fargo & Company boosted their price target on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Jefferies Financial Group increased their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Evercore ISI lifted their price objective on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Finally, Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, six 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 presently has a consensus rating of “Moderate Buy” and an average target price of $339.08.

Public Storage Stock Up 0.0 %

PSA stock opened at $356.64 on Friday. The firm has a market cap of $62.42 billion, a price-to-earnings ratio of 32.39, a PEG ratio of 5.10 and a beta of 0.67. Public Storage has a 1-year low of $233.18 and a 1-year high of $366.80. The firm has a fifty day moving average price of $332.45 and a two-hundred day moving average price of $298.22. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company earned $4.28 EPS. Public Storage’s quarterly revenue was down 1.0% on a year-over-year basis. Research analysts predict that Public Storage will post 16.75 EPS for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is 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.