ExodusPoint Capital Management LP Makes New Investment in Public Storage $PSA

ExodusPoint Capital Management LP purchased a new position in Public Storage (NYSE:PSA) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 73,418 shares of the real estate investment trust’s stock, valued at approximately $19,052,000.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Public Storage by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust’s stock worth $6,576,534,000 after purchasing an additional 2,274,397 shares during the period. Norges Bank bought a new position in shares of Public Storage in the fourth quarter worth approximately $1,163,751,000. Capital International Investors boosted its position in shares of Public Storage by 821.4% in the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust’s stock worth $1,073,032,000 after purchasing an additional 3,686,211 shares during the period. Geode Capital Management LLC boosted its position in shares of Public Storage by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,089,143 shares of the real estate investment trust’s stock worth $1,056,976,000 after purchasing an additional 66,445 shares during the period. Finally, Cohen & Steers Inc. boosted its position in shares of Public Storage by 9.3% in the fourth quarter. Cohen & Steers Inc. now owns 3,993,623 shares of the real estate investment trust’s stock worth $1,036,375,000 after purchasing an additional 339,882 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 950 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $324.81, for a total value of $308,569.50. Following the sale, the insider owned 1,414 shares of the company’s stock, valued at approximately $459,281.34. This represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PSA. The Goldman Sachs Group reiterated a “buy” rating and issued a $341.00 price target on shares of Public Storage in a research report on Wednesday, April 29th. Scotiabank upped their price target on shares of Public Storage from $321.00 to $340.00 in a research report on Monday, May 11th. Jefferies Financial Group upped their target price on shares of Public Storage from $350.00 to $355.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. William Blair set a $305.00 target price on shares of Public Storage in a research report on Monday, March 16th. Finally, BNP Paribas Exane upped their target price on shares of Public Storage from $331.00 to $335.00 and gave the stock an “outperform” rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Public Storage has a consensus rating of “Hold” and an average target price of $323.42.

Public Storage Price Performance

Public Storage stock opened at $320.28 on Wednesday. The company has a market cap of $56.23 billion, a price-to-earnings ratio of 33.05, a PEG ratio of 4.38 and a beta of 0.98. The firm’s fifty day moving average is $304.93 and its 200 day moving average is $289.56. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 2.02. Public Storage has a 52-week low of $256.54 and a 52-week high of $331.79.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.42 by $0.29. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Public Storage had a net margin of 39.16% and a return on equity of 37.78%. Public Storage’s revenue was down .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.12 earnings per share. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. Sell-side analysts forecast that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $12.00 dividend on an annualized basis and a yield of 3.7%. Public Storage’s dividend payout ratio is presently 123.84%.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.