Nordea Investment Management AB Purchases 3,137 Shares of Public Storage (NYSE:PSA)

Posted by on May 11th, 2023

Nordea Investment Management AB raised its stake in Public Storage (NYSE:PSA – Get Rating) by 22.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,367 shares of the real estate investment trust’s stock after acquiring an additional 3,137 shares during the period. Nordea Investment Management AB’s holdings in Public Storage were worth $4,866,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of PSA. Destiny Wealth Partners LLC boosted its position in shares of Public Storage by 187.5% during the 4th quarter. Destiny Wealth Partners LLC now owns 92 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 60 shares in the last quarter. Hollencrest Capital Management bought a new position in Public Storage during the fourth quarter valued at $28,000. HHM Wealth Advisors LLC grew its holdings in Public Storage by 65.6% during the third quarter. HHM Wealth Advisors LLC now owns 101 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 40 shares during the period. Armstrong Advisory Group Inc. bought a new position in shares of Public Storage in the fourth quarter worth $33,000. Finally, Old North State Trust LLC bought a new position in shares of Public Storage in the third quarter worth $42,000. Institutional investors and hedge funds own 77.88% of the company’s stock.

Public Storage Trading Up 0.2 %

PSA opened at $300.01 on Thursday. The stock has a market capitalization of $52.73 billion, a PE ratio of 12.76, a P/E/G ratio of 2.95 and a beta of 0.45. The firm’s fifty day moving average price is $295.52 and its 200 day moving average price is $293.86. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.48 and a quick ratio of 1.48. Public Storage has a 12-month low of $270.13 and a 12-month high of $357.13.

Public Storage (NYSE:PSA – Get Rating) last issued its earnings results on Tuesday, February 21st. The real estate investment trust reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $3.99 by ($1.93). The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.07 billion. Public Storage had a return on equity of 72.08% and a net margin of 98.82%. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same period last year, the company posted $3.54 earnings per share. As a group, research analysts expect that Public Storage will post 16.79 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 29th. Stockholders of record on Wednesday, June 14th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.00%. Public Storage’s dividend payout ratio is currently 51.04%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Bank of America began coverage on Public Storage in a research report on Monday. They set a “buy” rating on the stock. StockNews.com assumed coverage on Public Storage in a research note on Thursday, March 16th. They set a “hold” rating on the stock. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average price target of $353.78.

About Public Storage

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Public Storage operates as a real estate investment trust, which engages in acquiring, developing, owning and operating self-storage facilities. It operates through the following segments: Self-storage Operations, Ancillary Operations, and Other Items. The Self-storage Operations segment reflects the rental operations from all self-storage facilities.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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