Mission Wealth Management LP Purchases 112 Shares of Public Storage (NYSE:PSA)

Mission Wealth Management LP grew its holdings in shares of Public Storage (NYSE:PSA) by 12.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 981 shares of the real estate investment trust’s stock after acquiring an additional 112 shares during the period. Mission Wealth Management LP’s holdings in Public Storage were worth $299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC grew its holdings in Public Storage by 16.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock valued at $2,567,000 after buying an additional 1,349 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Public Storage by 8.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after acquiring an additional 9,223 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Public Storage by 4.3% in the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after purchasing an additional 4,695 shares in the last quarter. Ellsworth Advisors LLC increased its position in Public Storage by 615.7% in the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock worth $6,040,000 after purchasing an additional 17,036 shares during the last quarter. Finally, 1834 Investment Advisors Co. raised its stake in Public Storage by 115.3% during the fourth quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock valued at $5,170,000 after purchasing an additional 9,078 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of analyst reports. Scotiabank increased their price target on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a report on Monday, March 18th. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price on the stock. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a research note on Thursday, March 28th. Barclays assumed coverage on shares of Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective on the stock. Finally, BMO Capital Markets increased their price target on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Performance

Shares of Public Storage stock opened at $265.76 on Friday. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The stock’s fifty day moving average price is $276.82 and its 200-day moving average price is $275.99. The firm has a market cap of $46.69 billion, a P/E ratio of 24.14, a P/E/G ratio of 3.46 and a beta of 0.57. The company has a current ratio of 0.54, a quick ratio of 0.62 and a debt-to-equity ratio of 1.59.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $4.16 EPS. On average, equities research analysts expect that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.52%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

About Public Storage

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.