Mackenzie Financial Corp Sells 66 Shares of Public Storage (NYSE:PSA)

Mackenzie Financial Corp decreased its position in Public Storage (NYSE:PSA) by 0.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,578 shares of the real estate investment trust’s stock after selling 66 shares during the quarter. Mackenzie Financial Corp’s holdings in Public Storage were worth $6,276,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Sunbelt Securities Inc. bought a new position in Public Storage in the first quarter worth $26,000. ICA Group Wealth Management LLC bought a new position in Public Storage in the fourth quarter worth $29,000. Private Ocean LLC increased its holdings in shares of Public Storage by 5,450.0% during the fourth 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 in the last quarter. Live Oak Investment Partners bought a new position in shares of Public Storage during the fourth quarter valued at $34,000. Finally, Centerpoint Advisors LLC bought a new position in shares of Public Storage during the fourth quarter valued at $35,000. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PSA. Truist Financial raised their price target on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, December 28th. Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target for the company. The Goldman Sachs Group raised their price target on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a report on Thursday, March 28th. Finally, Barclays started coverage on Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

Public Storage Trading Up 0.0 %

Shares of NYSE:PSA opened at $260.38 on Friday. The stock has a market capitalization of $45.75 billion, a price-to-earnings ratio of 23.54, a PEG ratio of 3.42 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. The stock’s 50-day simple moving average is $280.76 and its two-hundred day simple moving average is $276.49. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25.

Public Storage (NYSE:PSA) last announced its earnings results 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 firm 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 35.31% and a net margin of 45.34%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $4.16 earnings per share. Analysts expect that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a yield of 4.61%. 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.