Federated Hermes Inc. Acquires 32,662 Shares of Public Storage (NYSE:PSA)

Federated Hermes Inc. grew its holdings in Public Storage (NYSE:PSA) by 14.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 254,819 shares of the real estate investment trust’s stock after acquiring an additional 32,662 shares during the quarter. Federated Hermes Inc.’s holdings in Public Storage were worth $73,299,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank bought a new position in Public Storage during the fourth quarter valued at about $821,151,000. Daiwa Securities Group Inc. increased its position in shares of Public Storage by 86.8% during the first quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after purchasing an additional 299,826 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Public Storage by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after purchasing an additional 281,800 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Public Storage by 4.2% in 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 during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares during the period. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of Public Storage stock opened at $359.16 on Friday. The firm has a fifty day moving average of $320.20 and a two-hundred day moving average of $292.92. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market capitalization of $62.86 billion, a price-to-earnings ratio of 32.62, a PEG ratio of 5.07 and a beta of 0.67. Public Storage has a 52 week low of $233.18 and a 52 week high of $361.23.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The firm’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 firm posted $4.28 EPS. As a group, equities research analysts predict that Public Storage will post 16.73 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 3.34%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is presently 108.99%.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of recent research reports. Barclays lifted their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Scotiabank upped their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Citigroup raised their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a report on Thursday, August 1st. Finally, Evercore ISI increased their price objective on shares of Public Storage from $330.00 to $334.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $325.15.

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.