Daiwa Securities Group Inc. Buys 62,784 Shares of Public Storage (NYSE:PSA)

Daiwa Securities Group Inc. grew its position in Public Storage (NYSE:PSA) by 9.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 707,952 shares of the real estate investment trust’s stock after acquiring an additional 62,784 shares during the period. Public Storage accounts for approximately 1.1% of Daiwa Securities Group Inc.’s investment portfolio, making the stock its 27th biggest position. Daiwa Securities Group Inc. owned 0.40% of Public Storage worth $203,642,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Public Storage during the fourth quarter valued at about $821,151,000. Canada Pension Plan Investment Board boosted its position in Public Storage by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after buying an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in 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 acquiring an additional 219,391 shares during the last quarter. Vanguard Group Inc. increased its position in Public Storage by 1.0% in the 1st 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 acquiring an additional 217,487 shares during the period. Finally, Clearbridge Investments LLC raised its stake in shares of Public Storage by 31.0% during the fourth quarter. Clearbridge Investments LLC now owns 861,028 shares of the real estate investment trust’s stock valued at $262,614,000 after acquiring an additional 203,509 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE:PSA opened at $351.50 on Tuesday. The firm has a market capitalization of $61.52 billion, a P/E ratio of 31.93, a P/E/G ratio of 5.72 and a beta of 0.67. Public Storage has a twelve month low of $233.18 and a twelve month high of $353.23. The company has a fifty day moving average of $314.46 and a 200-day moving average of $290.90. 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 posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million during the quarter, compared to the consensus estimate 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 last year, the firm posted $4.28 earnings per share. As a group, sell-side analysts anticipate that Public Storage will post 16.72 EPS for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

Wall Street Analyst Weigh In

PSA has been the topic of several analyst reports. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Wells Fargo & Company upped their price target on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Royal Bank of Canada started coverage on Public Storage in a research report on Tuesday. They set a “sector perform” rating and a $358.00 price objective for the company. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research note on Thursday, August 1st. Finally, Citigroup increased their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.21.

Public Storage Company 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.