Mitsubishi UFJ Asset Management UK Ltd. Purchases New Shares in Public Storage (NYSE:PSA)

Mitsubishi UFJ Asset Management UK Ltd. purchased a new position in Public Storage (NYSE:PSA) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,600 shares of the real estate investment trust’s stock, valued at approximately $582,000.

A number of other large investors also recently added to or reduced their stakes in the stock. OFI Invest Asset Management acquired a new position in shares of Public Storage during the 2nd quarter worth about $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage during the second quarter valued at approximately $36,000. Riverview Trust Co acquired a new stake in shares of Public Storage in the first quarter worth approximately $37,000. Crewe Advisors LLC purchased a new stake in shares of Public Storage during the first quarter worth approximately $39,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Public Storage during the second quarter worth approximately $39,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Up 0.1 %

PSA traded up $0.22 on Friday, hitting $345.62. The company had a trading volume of 368,942 shares, compared to its average volume of 708,650. The company’s fifty day moving average price is $345.72 and its 200 day moving average price is $305.06. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm has a market cap of $60.49 billion, a P/E ratio of 32.39, a PEG ratio of 4.84 and a beta of 0.68.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The company had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the firm posted $4.28 earnings per share. As a group, equities analysts expect that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.47%. Public Storage’s dividend payout ratio is currently 112.46%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wells Fargo & Company lifted their target price on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Scotiabank upped their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Evercore ISI decreased their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Citigroup upped their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Barclays lifted their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $337.00.

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.