Mid American Wealth Advisory Group Inc. Makes New Investment in Public Storage (NYSE:PSA)

Mid American Wealth Advisory Group Inc. bought a new stake in Public Storage (NYSE:PSA - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 894 shares of the real estate investment trust's stock, valued at approximately $268,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in Public Storage in the 4th quarter valued at approximately $931,286,000. Northern Trust Corp grew its stake in shares of Public Storage by 43.4% during the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after buying an additional 749,913 shares during the last quarter. Cohen & Steers Inc. increased its holdings in shares of Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after buying an additional 592,944 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Public Storage by 34,827.1% in the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock valued at $157,114,000 after acquiring an additional 523,452 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of Public Storage by 44.6% during the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock valued at $421,538,000 after acquiring an additional 433,918 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Public Storage Trading Down 2.0%

PSA stock traded down $6.25 during mid-day trading on Tuesday, reaching $303.52. The company's stock had a trading volume of 918,296 shares, compared to its average volume of 745,934. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap of $53.25 billion, a price-to-earnings ratio of 31.52, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. The business's 50 day moving average price is $294.98 and its 200 day moving average price is $303.06. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business's revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.03 EPS. On average, equities research analysts predict that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a $3.00 dividend. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.95%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

Analyst Upgrades and Downgrades

PSA has been the subject of several analyst reports. Mizuho raised their price target on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Barclays decreased their price objective on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Bank of America lifted their target price on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Truist Financial raised 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, Scotiabank raised their price objective on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $339.25.

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.