Mirae Asset Global Investments Co. Ltd. Buys 3,409 Shares of Public Storage (NYSE:PSA)

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Public Storage (NYSE:PSA - Free Report) by 16.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 24,387 shares of the real estate investment trust's stock after buying an additional 3,409 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Public Storage were worth $6,870,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PSA. Ameriflex Group Inc. acquired a new stake in Public Storage during the fourth quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Public Storage during the fourth quarter worth approximately $32,000. Opal Wealth Advisors LLC acquired a new stake in Public Storage during the 1st quarter worth approximately $36,000. Millstone Evans Group LLC acquired a new stake in Public Storage during the 4th quarter worth approximately $38,000. Finally, Parvin Asset Management LLC bought a new stake in Public Storage in the 4th quarter valued at $38,000. Institutional investors own 78.79% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Royal Bank Of Canada lowered their price objective on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research report on Friday, May 2nd. BNP Paribas Exane started coverage on shares of Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price target on the stock. Evercore ISI raised their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Scotiabank increased their target price on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus target price of $337.64.

Public Storage Stock Up 1.3%

NYSE PSA opened at $293.78 on Tuesday. The business has a fifty day moving average price of $298.68 and a two-hundred day moving average price of $297.38. The stock has a market capitalization of $51.54 billion, a PE ratio of 29.17, a PEG ratio of 4.19 and a beta of 0.89. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings data 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. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the company earned $4.03 EPS. Public Storage's revenue for the quarter was up .1% on a year-over-year basis. Equities analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.08%. The ex-dividend date was 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.

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