MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Reduces Stake in Public Storage (NYSE:PSA)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lowered its stake in Public Storage (NYSE:PSA) by 21.0% in the 4th quarter, HoldingsChannel reports. The fund owned 17,570 shares of the real estate investment trust’s stock after selling 4,671 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Public Storage were worth $5,261,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSA. Quent Capital LLC grew its position in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 50 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $32,000. Synergy Asset Management LLC purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. Millstone Evans Group LLC purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. Finally, Parvin Asset Management LLC purchased a new position in shares of Public Storage during the fourth quarter valued at approximately $38,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on PSA. Wells Fargo & Company dropped their target price on Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Scotiabank boosted their target price 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. Mizuho began coverage on Public Storage in a research report on Wednesday, April 9th. They set a “neutral” rating and a $287.00 target price for the company. Barclays dropped their target price on Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Bank of America boosted their target price on Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $337.42.

Public Storage Stock Performance

Public Storage stock opened at $309.07 on Monday. The company has a 50 day moving average price of $293.46 and a 200-day moving average price of $305.41. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a market capitalization of $54.22 billion, a PE ratio of 32.09, a P/E/G ratio of 4.91 and a beta of 0.91.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the firm posted $4.03 earnings per share. The company’s revenue was up .1% on a year-over-year basis. As a group, equities analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio (DPR) is 119.17%.

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.