Victory Capital Management Inc. lifted its stake in Public Storage (NYSE:PSA – Get Rating) by 5.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,490 shares of the real estate investment trust’s stock after acquiring an additional 3,225 shares during the period. Victory Capital Management Inc.’s holdings in Public Storage were worth $25,073,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also added to or reduced their stakes in PSA. Norges Bank acquired a new stake in Public Storage during the fourth quarter valued at approximately $735,608,000. State Street Corp lifted its stake in Public Storage by 6.1% during the fourth quarter. State Street Corp now owns 10,581,880 shares of the real estate investment trust’s stock valued at $3,963,549,000 after purchasing an additional 608,871 shares during the last quarter. BlackRock Inc. lifted its stake in Public Storage by 2.7% during the fourth quarter. BlackRock Inc. now owns 17,255,693 shares of the real estate investment trust’s stock valued at $6,463,290,000 after purchasing an additional 456,793 shares during the last quarter. Northern Trust Corp lifted its stake in Public Storage by 18.2% during the fourth quarter. Northern Trust Corp now owns 2,792,588 shares of the real estate investment trust’s stock valued at $1,045,992,000 after purchasing an additional 430,899 shares during the last quarter. Finally, Centersquare Investment Management LLC lifted its stake in Public Storage by 32.0% during the fourth quarter. Centersquare Investment Management LLC now owns 1,223,270 shares of the real estate investment trust’s stock valued at $458,187,000 after purchasing an additional 296,261 shares during the last quarter. 78.54% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts recently commented on PSA shares. Truist Financial cut their target price on shares of Public Storage from $425.00 to $385.00 and set a “buy” rating for the company in a research note on Wednesday, June 1st. Evercore ISI set a $348.00 price target on shares of Public Storage in a research report on Monday, June 20th. The Goldman Sachs Group upped their price target on shares of Public Storage from $398.00 to $440.00 and gave the company a “neutral” rating in a research report on Thursday, April 14th. BMO Capital Markets upgraded shares of Public Storage from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $410.00 to $370.00 in a research report on Thursday, May 19th. Finally, UBS Group reduced their price target on shares of Public Storage from $390.00 to $336.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $366.08.
Public Storage Stock Performance
Public Storage (NYSE:PSA – Get Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported $2.63 EPS for the quarter, missing the consensus estimate of $3.59 by ($0.96). Public Storage had a return on equity of 38.01% and a net margin of 54.79%. The business had revenue of $749.27 million for the quarter, compared to analyst estimates of $985.58 million. During the same quarter last year, the company earned $2.82 EPS. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. Equities analysts expect that Public Storage will post 15.56 EPS for the current fiscal year.
Public Storage Increases Dividend
The firm also recently declared a None dividend, which will be paid on Thursday, August 4th. Stockholders of record on Monday, August 1st will be paid a dividend of $13.15 per share. This is a positive change from Public Storage’s previous None dividend of $2.00. The ex-dividend date is Friday, July 29th. Public Storage’s dividend payout ratio is 77.75%.
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 September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020.
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