Public Storage (NYSE:PSA) Shares Bought by Mackenzie Financial Corp

Mackenzie Financial Corp grew its stake in Public Storage (NYSE:PSA - Free Report) by 37.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,292 shares of the real estate investment trust's stock after buying an additional 19,870 shares during the period. Mackenzie Financial Corp's holdings in Public Storage were worth $21,947,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Werba Rubin Papier Wealth Management grew its holdings in shares of Public Storage by 1.7% during the fourth quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust's stock worth $681,000 after buying an additional 38 shares in the last quarter. Lido Advisors LLC raised its stake in Public Storage by 0.9% during the fourth quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock worth $1,287,000 after purchasing an additional 39 shares during the period. Global X Japan Co. Ltd. boosted its holdings in Public Storage by 13.7% in the 4th quarter. Global X Japan Co. Ltd. now owns 333 shares of the real estate investment trust's stock valued at $100,000 after purchasing an additional 40 shares during the last quarter. Yoder Wealth Management Inc. boosted its holdings in Public Storage by 5.4% in the 4th quarter. Yoder Wealth Management Inc. now owns 804 shares of the real estate investment trust's stock valued at $241,000 after purchasing an additional 41 shares during the last quarter. Finally, Kingsview Wealth Management LLC increased its holdings in shares of Public Storage by 4.2% during the 4th quarter. Kingsview Wealth Management LLC now owns 1,090 shares of the real estate investment trust's stock worth $326,000 after buying an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Wall Street Analyst Weigh In

PSA has been the topic of several research analyst reports. Mizuho boosted their price objective on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a report on Wednesday. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a research note on Thursday, April 10th. Bank of America increased their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Barclays lowered their price target on Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Finally, Royal Bank of Canada decreased their target price on 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. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $339.25.

Public Storage Stock Up 0.6%

NYSE:PSA traded up $1.82 during trading hours on Friday, hitting $307.84. The company's stock had a trading volume of 1,540,254 shares, compared to its average volume of 748,082. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. 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 stock has a market capitalization of $54.00 billion, a P/E ratio of 31.97, a price-to-earnings-growth ratio of 4.91 and a beta of 0.91. The stock has a fifty day moving average of $294.24 and a 200-day moving average of $303.80.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. The firm had revenue of $1.18 billion during 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%. Public Storage's quarterly revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the company earned $4.03 earnings per share. On average, equities analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Thursday, June 12th. Public Storage's payout ratio is 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.