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

Mackenzie Financial Corp grew its holdings in shares of Public Storage (NYSE:PSA) by 7.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,777 shares of the real estate investment trust’s stock after acquiring an additional 5,485 shares during the quarter. Mackenzie Financial Corp’s holdings in Public Storage were worth $23,577,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Blair William & Co. IL lifted its stake in Public Storage by 16.0% during the fourth quarter. Blair William & Co. IL now owns 3,036 shares of the real estate investment trust’s stock worth $909,000 after purchasing an additional 419 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Public Storage by 39.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 27,000 shares of the real estate investment trust’s stock valued at $8,085,000 after buying an additional 7,589 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Public Storage by 0.7% during the 4th quarter. Alliancebernstein L.P. now owns 483,735 shares of the real estate investment trust’s stock valued at $144,850,000 after buying an additional 3,596 shares in the last quarter. HighPoint Advisor Group LLC lifted its position in Public Storage by 5.1% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,328 shares of the real estate investment trust’s stock worth $406,000 after buying an additional 64 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in Public Storage by 32.6% in the fourth quarter. National Bank of Canada FI now owns 110,760 shares of the real estate investment trust’s stock worth $33,167,000 after buying an additional 27,215 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Scotiabank lifted their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a research note on Monday, May 12th. Evercore ISI lifted their target price on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research report on Friday, May 2nd. Royal Bank Of Canada cut their price target on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. BNP Paribas upgraded Public Storage to a “strong-buy” rating in a report on Tuesday, June 24th. Finally, Barclays lowered their target price on Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a research note on Friday, May 16th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $336.93.

Public Storage Price Performance

Shares of Public Storage stock opened at $288.91 on Thursday. The business has a 50 day moving average of $294.16 and a 200 day moving average of $295.97. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a market cap of $50.68 billion, a PE ratio of 28.69, a P/E/G ratio of 4.26 and a beta of 0.86. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the previous year, the firm earned $4.23 EPS. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. As a group, equities research analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were issued a $3.00 dividend. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.15%. Public Storage’s dividend payout ratio (DPR) is presently 119.17%.

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.