Mission Wealth Management LP Takes $1.24 Million Position in Public Storage (NYSE:PSA)

Mission Wealth Management LP purchased a new position in Public Storage (NYSE:PSA) during the first quarter, Holdings Channel reports. The firm purchased 4,142 shares of the real estate investment trust’s stock, valued at approximately $1,240,000.

A number of other hedge funds also recently modified their holdings of PSA. Ameriflex Group Inc. acquired a new stake in Public Storage during the fourth quarter worth about $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage in the 4th quarter valued at approximately $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage during the 1st quarter worth approximately $36,000. Millstone Evans Group LLC acquired a new stake in shares of Public Storage during the 4th quarter worth approximately $38,000. Finally, Parvin Asset Management LLC acquired a new stake in shares of Public Storage during the 4th quarter worth approximately $38,000. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on PSA. Wells Fargo & Company lowered their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Royal Bank Of Canada lowered their price target on Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a report on Friday, May 2nd. Mizuho upped their price objective on Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Scotiabank raised their price objective on Public Storage from $305.00 to $340.00 and gave the company a “sector outperform” rating in a research note on Monday, May 12th. Finally, Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price for the company in a research note on Thursday, April 10th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average price target of $339.25.

Public Storage Stock Performance

Public Storage stock opened at $293.55 on Wednesday. The business has a 50 day moving average of $297.90 and a 200-day moving average of $300.04. The company has a market capitalization of $51.50 billion, a P/E ratio of 29.15, a P/E/G ratio of 4.26 and a beta of 0.89. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the company posted $4.03 EPS. On average, equities research analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.09%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio is currently 119.17%.

Public Storage Company Profile

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.