Dai ichi Life Insurance Company Ltd Buys 5,000 Shares of Public Storage (NYSE:PSA)

Dai ichi Life Insurance Company Ltd grew its position in shares of Public Storage (NYSE:PSA) by 98.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 10,054 shares of the real estate investment trust’s stock after acquiring an additional 5,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Public Storage were worth $2,892,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 44 shares during the last quarter. Core Wealth Advisors Inc. purchased a new stake in Public Storage in the fourth quarter worth approximately $30,000. OFI Invest Asset Management bought a new stake in shares of Public Storage in the second quarter worth $32,000. ICA Group Wealth Management LLC bought a new stake in shares of Public Storage during the 4th quarter valued at about $37,000. Finally, Opal Wealth Advisors LLC bought a new stake in Public Storage during the second quarter valued at approximately $36,000. Institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on PSA shares. Scotiabank lifted their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lifted their price target on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Evercore ISI increased their target price on Public Storage from $330.00 to $334.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Barclays increased their price target on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Citigroup lifted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $325.15.

Public Storage Stock Performance

Shares of Public Storage stock opened at $359.16 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm has a market cap of $63.11 billion, a P/E ratio of 32.62, a P/E/G ratio of 5.06 and a beta of 0.67. The stock’s fifty day moving average price is $320.20 and its 200-day moving average price is $293.11. Public Storage has a 12 month low of $233.18 and a 12 month high of $361.23.

Public Storage (NYSE:PSA) last announced its earnings results 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). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm posted $4.28 earnings per share. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, equities research analysts expect that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

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.