Mission Wealth Management LP Boosts Stake in Public Storage (NYSE:PSA)

Mission Wealth Management LP lifted its holdings in shares of Public Storage (NYSE:PSA) by 12.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 981 shares of the real estate investment trust’s stock after purchasing an additional 112 shares during the quarter. Mission Wealth Management LP’s holdings in Public Storage were worth $299,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Commonwealth Equity Services LLC raised its stake in shares of Public Storage by 3.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 41,348 shares of the real estate investment trust’s stock valued at $10,896,000 after acquiring an additional 1,303 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in Public Storage by 4.0% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 15,436 shares of the real estate investment trust’s stock valued at $4,068,000 after purchasing an additional 599 shares during the period. Raymond James & Associates lifted its stake in Public Storage by 38.8% during the third quarter. Raymond James & Associates now owns 109,787 shares of the real estate investment trust’s stock worth $28,931,000 after purchasing an additional 30,673 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Public Storage by 14.6% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 55,656 shares of the real estate investment trust’s stock worth $14,666,000 after buying an additional 7,111 shares during the period. Finally, Stratos Wealth Partners LTD. grew its stake in shares of Public Storage by 22.5% in the third quarter. Stratos Wealth Partners LTD. now owns 2,168 shares of the real estate investment trust’s stock valued at $571,000 after buying an additional 398 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Scotiabank increased their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective for the company. The Goldman Sachs Group upped their target price on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Barclays started coverage on shares of Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target for the company. Finally, Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Performance

Shares of PSA stock opened at $265.76 on Friday. The stock’s 50-day moving average price is $276.82 and its 200 day moving average price is $275.99. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The stock has a market capitalization of $46.69 billion, a PE ratio of 24.14, a price-to-earnings-growth ratio of 3.46 and a beta of 0.57. The company has a quick ratio of 0.62, a current ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.16 EPS. As a group, equities research analysts forecast that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.52%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio is currently 108.99%.

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.