934 Shares in Public Storage (NYSE:PSA) Acquired by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC acquired a new position in Public Storage (NYSE:PSA - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 934 shares of the real estate investment trust's stock, valued at approximately $280,000.

A number of other hedge funds have also recently made changes to their positions in PSA. Quent Capital LLC increased its position in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 50 shares during the period. Ameriflex Group Inc. purchased a new position in Public Storage during the 4th quarter valued at $30,000. Strategic Investment Solutions Inc. IL purchased a new position in Public Storage during the 4th quarter valued at $32,000. Millstone Evans Group LLC purchased a new position in Public Storage during the 4th quarter valued at $38,000. Finally, Parvin Asset Management LLC purchased a new position in Public Storage during the 4th quarter valued at $38,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PSA shares. 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 report on Friday, February 21st. Bank of America upped their price target on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Royal Bank of Canada dropped their price target on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Scotiabank upped their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Finally, Mizuho upped their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $339.25.

Public Storage Trading Down 0.6%

Shares of NYSE:PSA traded down $1.80 on Friday, hitting $294.85. 708,578 shares of the company's stock were exchanged, compared to its average volume of 747,074. The stock has a market capitalization of $51.73 billion, a price-to-earnings ratio of 30.62, a price-to-earnings-growth ratio of 4.91 and a beta of 0.89. 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 has a 12 month low of $256.60 and a 12 month high of $369.99. The business's 50 day simple moving average is $297.10 and its two-hundred day simple moving average is $300.81.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The firm's quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.03 earnings per share. Analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is presently 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.