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

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PSA. Quent Capital LLC lifted its stake in Public Storage by 135.1% during the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Ameriflex Group Inc. acquired a new position in shares of Public Storage during the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Public Storage in the 4th quarter valued at about $32,000. Millstone Evans Group LLC purchased a new position in Public Storage in the fourth quarter valued at approximately $38,000. Finally, Parvin Asset Management LLC acquired a new stake in Public Storage during the 4th quarter worth $38,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Down 1.2%

NYSE:PSA traded down $3.63 during trading hours on Thursday, hitting $296.53. The stock had a trading volume of 947,416 shares, compared to its average volume of 746,711. The company has a market cap of $52.02 billion, a PE ratio of 30.79, a price-to-earnings-growth ratio of 4.91 and a beta of 0.89. The business has a 50 day simple moving average of $296.11 and a two-hundred day simple moving average of $301.90. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99.

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

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be issued 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 4.05%. Public Storage's dividend payout ratio is currently 119.17%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of research reports. Mizuho upped their target price on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Evercore ISI increased their target price on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. Bank of America upped 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. Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Finally, Scotiabank lifted their price objective on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $339.25.

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.