Mitsubishi UFJ Asset Management UK Ltd. Takes Position in Public Storage (NYSE:PSA)

Mitsubishi UFJ Asset Management UK Ltd. purchased a new position in shares of Public Storage (NYSE:PSA - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 PSA. OFI Invest Asset Management purchased a new stake in Public Storage in the 2nd quarter valued at about $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage during the 2nd quarter worth approximately $36,000. Riverview Trust Co acquired a new position in Public Storage in the first quarter valued at $37,000. Crewe Advisors LLC purchased a new position in Public Storage during the 1st quarter worth approximately $39,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Public Storage in the 2nd quarter valued at $39,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Scotiabank increased their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a "sector perform" rating in a report on Thursday, August 22nd. Barclays boosted their price target on Public Storage from $327.00 to $374.00 and gave the stock an "overweight" rating in a report on Thursday, August 22nd. Evercore ISI reduced their price target on 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. Morgan Stanley upped their price objective on Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 2nd. Finally, Wolfe Research raised shares of Public Storage to a "strong-buy" rating in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $337.00.

Public Storage Stock Performance

NYSE PSA traded up $0.22 on Friday, reaching $345.62. The stock had a trading volume of 368,942 shares, compared to its average volume of 708,650. The firm has a fifty day moving average of $345.72 and a two-hundred day moving average of $305.21. Public Storage has a 1-year low of $233.18 and a 1-year high of $369.99. The company has a market cap of $60.73 billion, a P/E ratio of 31.39, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

Public Storage (NYSE:PSA - Get Free Report) last issued 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 firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm's revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $4.28 EPS. On average, equities research analysts anticipate that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage's dividend payout ratio (DPR) is 108.99%.

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.