Mission Wealth Management LP Buys Shares of 4,142 Public Storage (NYSE:PSA)

Mission Wealth Management LP purchased a new position in Public Storage (NYSE:PSA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,142 shares of the real estate investment trust's stock, valued at approximately $1,240,000.

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

Public Storage Price Performance

NYSE:PSA opened at $293.55 on Wednesday. The stock has a market capitalization of $51.50 billion, a PE ratio of 29.15, a P/E/G ratio of 4.26 and a beta of 0.89. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The firm has a fifty day simple moving average of $297.90 and a 200 day simple moving average of $300.04. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77.

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 EPS for the quarter, beating analysts' consensus estimates 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 41.74% and a return on equity of 36.50%. The company's quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm posted $4.03 EPS. On average, research analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed 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 of this dividend is Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.09%. Public Storage's dividend payout ratio is currently 119.17%.

Analysts Set New Price Targets

PSA has been the subject of a number of research reports. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a report on Thursday, April 10th. Wells Fargo & Company decreased their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Royal Bank Of Canada dropped their target price 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. Scotiabank upped their price target 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. Finally, Mizuho raised 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 investment 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 company's stock. According to MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and an average target price of $339.25.

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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