Miracle Mile Advisors LLC Takes Position in Public Storage (NYSE:PSA)

Miracle Mile Advisors LLC purchased a new stake in Public Storage (NYSE:PSA) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 934 shares of the real estate investment trust’s stock, valued at approximately $280,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Public Storage by 30.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust’s stock worth $40,926,000 after purchasing an additional 31,662 shares during the period. Meridian Wealth Management LLC acquired a new stake in Public Storage in the fourth quarter valued at approximately $395,000. Aew Capital Management L P grew its position in Public Storage by 108.6% in the fourth quarter. Aew Capital Management L P now owns 439,400 shares of the real estate investment trust’s stock worth $131,574,000 after acquiring an additional 228,740 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of Public Storage by 53.5% during the 4th quarter. Jones Financial Companies Lllp now owns 19,234 shares of the real estate investment trust’s stock worth $5,759,000 after purchasing an additional 6,706 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Public Storage by 1,360.5% during the 4th quarter. Meeder Asset Management Inc. now owns 1,256 shares of the real estate investment trust’s stock valued at $376,000 after purchasing an additional 1,170 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Down 1.3%

PSA opened at $300.10 on Thursday. The firm has a market cap of $52.65 billion, a price-to-earnings ratio of 31.16, a PEG ratio of 4.91 and a beta of 0.89. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s 50-day simple moving average is $296.11 and its 200-day simple moving average is $301.90. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99.

Public Storage (NYSE:PSA) last issued 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. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the business posted $4.03 earnings per share. Public Storage’s revenue for the quarter was up .1% compared to the same quarter last year. Equities research analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.00%. The ex-dividend date is Thursday, June 12th. Public Storage’s payout ratio is presently 119.17%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Truist Financial upgraded Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Mizuho raised their price objective on Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. Evercore ISI boosted their target price on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a report on Friday, May 2nd. Finally, Barclays reduced their price objective on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.25.

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.