Mutual of America Capital Management LLC Has $6.35 Million Stake in Public Storage (NYSE:PSA)

Mutual of America Capital Management LLC trimmed its holdings in shares of Public Storage (NYSE:PSA) by 4.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,067 shares of the real estate investment trust’s stock after selling 957 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Public Storage were worth $6,348,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PSA. EverSource Wealth Advisors LLC increased its stake in shares of Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares during the period. Core Wealth Advisors Inc. bought a new position in shares of Public Storage in the fourth quarter worth about $30,000. OFI Invest Asset Management bought a new position in shares of Public Storage in the second quarter worth about $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage in the second quarter worth about $36,000. Finally, ICA Group Wealth Management LLC bought a new position in shares of Public Storage in the fourth quarter worth about $37,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the topic of a number of recent analyst reports. Jefferies Financial Group lifted their price objective on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday. Evercore ISI lifted their target price on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Wells Fargo & Company lifted their target price on Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research report on Monday, August 5th. Finally, Royal Bank of Canada started coverage on Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $332.71.

Public Storage Stock Up 0.9 %

NYSE PSA opened at $361.72 on Friday. 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 stock’s 50 day moving average is $326.92 and its two-hundred day moving average is $295.63. The company has a market capitalization of $63.56 billion, a price-to-earnings ratio of 32.85, a PEG ratio of 5.12 and a beta of 0.67. Public Storage has a 1-year low of $233.18 and a 1-year high of $366.29.

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

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Friday, September 13th. Public Storage’s payout ratio is currently 108.99%.

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.