Mackenzie Financial Corp Lowers Position in Public Storage (NYSE:PSA)

Mackenzie Financial Corp decreased its holdings in shares of Public Storage (NYSE:PSA) by 21.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,884 shares of the real estate investment trust’s stock after selling 3,979 shares during the quarter. Mackenzie Financial Corp’s holdings in Public Storage were worth $4,281,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Daiwa Securities Group Inc. increased its holdings in shares of Public Storage by 86.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock worth $187,137,000 after buying an additional 299,826 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Public Storage by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after acquiring an additional 281,800 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after acquiring an additional 219,391 shares during the last quarter. Vanguard Group Inc. raised its position in Public Storage by 1.0% during the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after purchasing an additional 217,487 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Public Storage by 116.7% during the second quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after purchasing an additional 208,546 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Performance

Public Storage stock opened at $360.06 on Wednesday. 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 firm has a market cap of $63.02 billion, a P/E ratio of 32.70, a P/E/G ratio of 5.02 and a beta of 0.67. Public Storage has a 1-year low of $233.18 and a 1-year high of $369.99. The firm has a 50-day moving average of $334.80 and a 200-day moving average of $299.46.

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 the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter last year, the business posted $4.28 EPS. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. Sell-side analysts expect that Public Storage will post 16.75 EPS for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date was Friday, September 13th. Public Storage’s payout ratio is currently 108.99%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Jefferies Financial Group increased their price objective on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price target on the stock. in a research note on Monday, August 5th. Scotiabank upped their price objective on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Wells Fargo & Company increased their target price on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Barclays boosted their price target on shares of Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, six have given 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $339.08.

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.