MGO One Seven LLC Raises Stake in Public Storage (NYSE:PSA)

MGO One Seven LLC lifted its position in Public Storage (NYSE:PSA - Free Report) by 67.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,459 shares of the real estate investment trust's stock after buying an additional 987 shares during the period. MGO One Seven LLC's holdings in Public Storage were worth $736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of PSA. Cohen & Steers Inc. raised its holdings in Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after purchasing an additional 592,944 shares during the period. Geode Capital Management LLC increased its holdings in shares of Public Storage by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock worth $1,197,769,000 after purchasing an additional 78,472 shares during the last quarter. Norges Bank purchased a new position in Public Storage in the fourth quarter worth about $931,286,000. Invesco Ltd. grew its position in Public Storage by 2.6% in the fourth quarter. Invesco Ltd. now owns 1,099,249 shares of the real estate investment trust's stock worth $329,159,000 after acquiring an additional 27,693 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Public Storage by 2.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,097,640 shares of the real estate investment trust's stock valued at $328,677,000 after buying an additional 21,165 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PSA. Barclays reissued an "overweight" rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised Public Storage from a "sell" rating to a "hold" rating and raised their price objective for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Wells Fargo & Company dropped their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Mizuho initiated coverage on Public Storage in a report on Wednesday, April 9th. They issued a "neutral" rating and a $287.00 price target for the company. Finally, Royal Bank of Canada decreased their target price on Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a report on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and an average price target of $336.25.

Public Storage Price Performance

Shares of PSA traded down $0.37 during trading hours on Thursday, hitting $300.06. 898,107 shares of the stock were exchanged, compared to its average volume of 739,198. The stock's 50-day moving average price is $294.94 and its two-hundred day moving average price is $308.91. The company has a market cap of $52.64 billion, a price-to-earnings ratio of 31.16, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last issued its earnings results 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 business 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%. The company's quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the business earned $4.03 earnings per share. Research analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend was Thursday, March 13th. Public Storage's payout ratio is currently 119.17%.

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.