Sumitomo Life Insurance Co. Grows Stock Holdings in Public Storage (NYSE:PSA)

Sumitomo Life Insurance Co. raised its stake in shares of Public Storage (NYSE:PSA) by 2.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,709 shares of the real estate investment trust’s stock after acquiring an additional 94 shares during the period. Sumitomo Life Insurance Co.’s holdings in Public Storage were worth $1,350,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. increased its stake in 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 buying an additional 299,826 shares during the period. Canada Pension Plan Investment Board increased 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 worth $319,270,000 after acquiring an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in 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 worth $1,575,794,000 after purchasing an additional 219,391 shares in the last quarter. Vanguard Group Inc. lifted its position in 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 boosted its holdings in Public Storage by 116.7% in 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. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

Public Storage stock opened at $347.80 on Thursday. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $369.99. The company has a market capitalization of $61.12 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 4.82 and a beta of 0.68. The stock has a fifty day moving average of $344.50 and a two-hundred day moving average of $304.36. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.28 EPS. On average, analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.45%. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of analyst reports. Evercore ISI cut their target price on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research report on Monday, August 5th. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research report on Thursday, August 1st. Morgan Stanley increased their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company raised their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $337.00.

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.