Miracle Mile Advisors LLC Invests $280,000 in Public Storage (NYSE:PSA)

Miracle Mile Advisors LLC purchased a new position in shares of Public Storage (NYSE:PSA) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 934 shares of the real estate investment trust’s stock, valued at approximately $280,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quent Capital LLC boosted its stake in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 50 shares during the period. Ameriflex Group Inc. bought a new stake in shares of Public Storage during the 4th quarter worth about $30,000. Strategic Investment Solutions Inc. IL bought a new position in Public Storage in the 4th quarter valued at about $32,000. Millstone Evans Group LLC acquired a new stake in Public Storage during the fourth quarter worth approximately $38,000. Finally, Parvin Asset Management LLC bought a new position in shares of Public Storage during the fourth quarter worth approximately $38,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE:PSA opened at $300.10 on Thursday. Public Storage has a one year low of $256.60 and a one year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. The company 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 firm has a 50 day simple moving average of $296.11 and a 200 day simple moving average of $301.90.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. Public Storage’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.03 earnings per share. Research analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date is Thursday, June 12th. Public Storage’s dividend payout ratio is currently 119.17%.

Wall Street Analyst Weigh In

PSA has been the topic of several analyst reports. Royal Bank of Canada reduced their target price on Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a report on Friday, May 2nd. Mizuho boosted their target price on shares of Public Storage from $287.00 to $309.00 and gave the company a “neutral” rating in a research report on Wednesday, May 28th. Wells Fargo & Company cut their price target 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. Bank of America lifted their price objective on shares of Public Storage from $368.00 to $380.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Finally, Evercore ISI upped their target price on Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research note on Friday, May 2nd. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $339.25.

Public Storage 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.