Mufg Securities Americas Inc. Purchases New Holdings in Public Storage (NYSE:PSA)

Mufg Securities Americas Inc. purchased a new stake in shares of Public Storage (NYSE:PSA) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 2,327 shares of the real estate investment trust’s stock, valued at approximately $697,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Brooklyn Investment Group grew its position in Public Storage by 3.4% in the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after acquiring an additional 38 shares during the last quarter. Werba Rubin Papier Wealth Management grew its position in Public Storage by 1.7% in the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock valued at $681,000 after acquiring an additional 38 shares during the last quarter. Lido Advisors LLC grew its position in Public Storage by 0.9% in the 4th quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust’s stock valued at $1,287,000 after acquiring an additional 39 shares during the last quarter. Premier Path Wealth Partners LLC grew its position in Public Storage by 3.4% in the 4th quarter. Premier Path Wealth Partners LLC now owns 1,221 shares of the real estate investment trust’s stock valued at $366,000 after acquiring an additional 40 shares during the last quarter. Finally, Global X Japan Co. Ltd. grew its position in Public Storage by 13.7% in the 4th quarter. Global X Japan Co. Ltd. now owns 333 shares of the real estate investment trust’s stock valued at $100,000 after acquiring an additional 40 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

Shares of PSA stock opened at $298.22 on Thursday. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The stock’s 50-day moving average is $293.61 and its 200 day moving average is $306.15. The company has a market cap of $52.32 billion, a P/E ratio of 30.97, a PEG ratio of 4.91 and a beta of 0.91. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage (NYSE:PSA) last announced its 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. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. Public Storage’s revenue was up .1% compared to the same quarter last year. During the same period last year, the firm earned $4.03 earnings per share. Research analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.02%. Public Storage’s payout ratio is currently 119.17%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a research report on Thursday, April 10th. Evercore ISI upped their target price on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research note on Friday, May 2nd. Bank of America upped their target price on shares of Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research note on Tuesday. Wells Fargo & Company dropped their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Finally, Scotiabank increased their price target on Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a research report on Monday. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $337.67.

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.