Forsta AP Fonden Lowers Position in Public Storage (NYSE:PSA)

Forsta AP Fonden trimmed its holdings in Public Storage (NYSE:PSA) by 3.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,800 shares of the real estate investment trust’s stock after selling 1,200 shares during the period. Forsta AP Fonden’s holdings in Public Storage were worth $9,218,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Public Storage by 0.7% in the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock valued at $6,206,046,000 after acquiring an additional 143,575 shares in the last quarter. Cohen & Steers Inc. lifted its position in shares of Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock valued at $1,626,731,000 after acquiring an additional 592,944 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Public Storage by 1.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust’s stock valued at $848,425,000 after acquiring an additional 34,718 shares in the last quarter. Northern Trust Corp lifted its position in shares of Public Storage by 43.4% in the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after acquiring an additional 749,913 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Public Storage by 10.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust’s stock valued at $509,803,000 after acquiring an additional 158,665 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Trading Down 0.7%

Shares of PSA stock opened at $281.88 on Friday. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The stock’s 50 day simple moving average is $291.28 and its two-hundred day simple moving average is $295.33. The company has a market cap of $49.45 billion, a PE ratio of 30.74, a price-to-earnings-growth ratio of 4.11 and a beta of 0.86.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the business posted $4.23 earnings per share. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. Research analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PSA. Wall Street Zen downgraded Public Storage from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. Scotiabank boosted their price objective on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research report on Monday, May 12th. BNP Paribas Exane started coverage on Public Storage in a research report on Tuesday, June 24th. They issued an “outperform” rating and a $331.00 target price on the stock. BNP Paribas raised Public Storage to a “strong-buy” rating in a research note on Tuesday, June 24th. Finally, Bank of America increased their price target on Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $335.43.

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 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.