5,170 Shares in Public Storage (NYSE:PSA) Acquired by MQS Management LLC

MQS Management LLC bought a new stake in Public Storage (NYSE:PSA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 5,170 shares of the real estate investment trust's stock, valued at approximately $1,547,000. Public Storage accounts for about 0.9% of MQS Management LLC's holdings, making the stock its 2nd largest position.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameriflex Group Inc. acquired a new stake in shares of Public Storage during the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Public Storage during the fourth quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Public Storage during the first quarter worth $36,000. Millstone Evans Group LLC acquired a new stake in shares of Public Storage during the fourth quarter worth $38,000. Finally, Parvin Asset Management LLC acquired a new stake in shares of Public Storage during the fourth quarter worth $38,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on PSA shares. 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 note on Tuesday, May 13th. 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. BMO Capital Markets cut Public Storage from an "outperform" rating to a "market perform" rating and decreased their target price for the company from $340.00 to $325.00 in a research note on Friday, June 20th. BNP Paribas Exane started coverage on Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 target price for the company. Finally, Royal Bank Of Canada cut their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $337.64.

Public Storage Stock Performance

Shares of Public Storage stock traded down $0.03 on Friday, hitting $288.81. The stock had a trading volume of 1,425,643 shares, compared to its average volume of 761,609. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The business's 50 day moving average is $298.17 and its two-hundred day moving average is $296.85. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77. The stock has a market cap of $50.67 billion, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 4.18 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the business earned $4.03 earnings per share. The firm's revenue for the quarter was up .1% on a year-over-year basis. Analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's dividend payout ratio is currently 119.17%.

Public Storage 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.