Sumitomo Mitsui DS Asset Management Company Ltd Raises Stock Holdings in Public Storage (NYSE:PSA)

by · The Markets Daily

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Public Storage (NYSE:PSA – Free Report) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,763 shares of the real estate investment trust’s stock after buying an additional 1,034 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Public Storage were worth $16,390,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Smartleaf Asset Management LLC increased its stake in Public Storage by 109.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 861 shares of the real estate investment trust’s stock valued at $255,000 after acquiring an additional 449 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Public Storage in the 4th quarter worth about $110,000. SRS Capital Advisors Inc. increased its position in shares of Public Storage by 291.8% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,007 shares of the real estate investment trust’s stock valued at $302,000 after purchasing an additional 750 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Public Storage by 53.5% during the 4th quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust’s stock valued at $5,759,000 after buying an additional 6,706 shares in the last quarter. Finally, Plato Investment Management Ltd raised its holdings in shares of Public Storage by 2.4% during the 4th quarter. Plato Investment Management Ltd now owns 6,182 shares of the real estate investment trust’s stock valued at $1,858,000 after buying an additional 145 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

PSA stock opened at $293.78 on Tuesday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The firm has a 50-day moving average of $298.68 and a 200 day moving average of $297.38. The company has a market cap of $51.54 billion, a P/E ratio of 29.17, a PEG ratio of 4.19 and a beta of 0.89.

Public Storage (NYSE:PSA – Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.03 earnings per share. On average, sell-side analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date was Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. BNP Paribas upgraded shares of Public Storage to a “strong-buy” rating in a research report on Tuesday, June 24th. BNP Paribas Exane assumed coverage on Public Storage in a report on Tuesday, June 24th. They set an “outperform” rating and a $331.00 target price for the company. Barclays reduced their price target on Public Storage from $354.00 to $351.00 and set an “overweight” rating on the stock in a research report on Friday, May 16th. Bank of America boosted their price objective on Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Finally, Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a research note on Thursday, April 10th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $337.64.

Check Out Our Latest Stock Report on Public Storage

About Public Storage

(Free Report)

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.

See Also

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