Mirae Asset Global Investments Co. Ltd. Cuts Position in Public Storage (NYSE:PSA)

Mirae Asset Global Investments Co. Ltd. cut its stake in Public Storage (NYSE:PSA) by 5.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,985 shares of the real estate investment trust’s stock after selling 2,004 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Public Storage were worth $10,365,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PSA. Sunbelt Securities Inc. purchased a new position in shares of Public Storage in the 1st quarter valued at $26,000. ICA Group Wealth Management LLC purchased a new position in shares of Public Storage in the 4th quarter valued at $29,000. Private Ocean LLC increased its holdings in shares of Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 109 shares during the period. Live Oak Investment Partners purchased a new position in shares of Public Storage in the 4th quarter valued at $34,000. Finally, Centerpoint Advisors LLC purchased a new position in Public Storage during the 4th quarter worth $35,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PSA. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price on the stock in a research note on Thursday, March 28th. The Goldman Sachs Group boosted their target price on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Scotiabank boosted their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. BMO Capital Markets boosted their target price on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Finally, Barclays began coverage on Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Stock Performance

Shares of PSA stock opened at $272.26 on Friday. The stock has a market cap of $47.83 billion, a PE ratio of 24.62, a price-to-earnings-growth ratio of 3.61 and a beta of 0.54. The business has a 50-day simple moving average of $282.62 and a 200-day simple moving average of $276.40. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.80.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the firm earned $4.16 EPS. On average, equities analysts expect that Public Storage will post 16.93 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were issued a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.41%. Public Storage’s payout ratio is 108.50%.

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.