Mackenzie Financial Corp Boosts Holdings in Public Storage (NYSE:PSA)

Key Points

• Mackenzie Financial Corp increased its holdings in Public Storage by 7.5% in Q1, now owning 78,777 shares valued at approximately $23.6 million.
• Several institutional investors have also increased their stakes in Public Storage, with hedge funds owning 78.79% of the company's stock.
• Public Storage's latest quarterly earnings reported an EPS of $4.28, surpassing estimates, with a net margin of 41.74% and a revenue of $1.20 billion.

Mackenzie Financial Corp raised its position in Public Storage (NYSE:PSA - Free Report) by 7.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,777 shares of the real estate investment trust's stock after buying an additional 5,485 shares during the period. Mackenzie Financial Corp's holdings in Public Storage were worth $23,577,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. Ameriflex Group Inc. acquired a new position in shares of Public Storage during the fourth quarter worth approximately $30,000. Spectrum Wealth Counsel LLC acquired a new position in Public Storage in the first quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new position in Public Storage in the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new position in Public Storage in the first quarter valued at approximately $36,000. Finally, Parvin Asset Management LLC acquired a new position in Public Storage in the fourth quarter valued at approximately $38,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PSA shares. BNP Paribas Exane assumed coverage on shares of Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective for the company. Barclays cut their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Evercore ISI increased their price target on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Finally, BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $336.93.

Public Storage Trading Down 5.7%

Shares of NYSE:PSA traded down $16.52 during trading on Thursday, reaching $272.13. 1,848,401 shares of the company traded hands, compared to its average volume of 855,138. The firm has a market capitalization of $47.74 billion, a price-to-earnings ratio of 29.68, a P/E/G ratio of 4.21 and a beta of 0.86. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The business's fifty day moving average is $294.16 and its 200-day moving average is $295.97.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 33.66%. The company's quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.23 EPS. As a group, analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Thursday, June 12th. Public Storage's payout ratio is currently 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.