Mitsubishi UFJ Asset Management Co. Ltd. Acquires 34,068 Shares of Public Storage (NYSE:PSA)

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Public Storage (NYSE:PSA) by 9.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 392,762 shares of the real estate investment trust’s stock after buying an additional 34,068 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Public Storage were worth $117,550,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Public Storage by 12.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust’s stock worth $13,240,000 after acquiring an additional 4,746 shares during the last quarter. Brighton Jones LLC lifted its holdings in shares of Public Storage by 9.7% in the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust’s stock worth $517,000 after acquiring an additional 152 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Public Storage by 1.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust’s stock worth $92,960,000 after acquiring an additional 3,627 shares during the last quarter. Private Trust Co. NA lifted its holdings in shares of Public Storage by 228.1% in the 1st quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust’s stock worth $640,000 after acquiring an additional 1,487 shares during the last quarter. Finally, Summit Trail Advisors LLC lifted its holdings in shares of Public Storage by 43.3% in the 1st quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust’s stock worth $1,083,000 after acquiring an additional 1,093 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.8%

NYSE PSA opened at $283.74 on Friday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The company has a market capitalization of $49.78 billion, a price-to-earnings ratio of 30.94, a price-to-earnings-growth ratio of 4.11 and a beta of 0.86. The company’s 50-day simple moving average is $291.79 and its two-hundred day simple moving average is $295.41. Public Storage has a one year low of $256.60 and a one year high of $369.99.

Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating analysts’ consensus estimates of $4.23 by $0.05. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $4.23 EPS. Equities analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PSA has been the subject of several analyst reports. Truist Financial upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 target price for the company in a report on Thursday, April 10th. Barclays lowered their target price on shares of Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Scotiabank raised their target price on shares of Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a report on Monday, May 12th. Wells Fargo & Company reduced their price target on shares of Public Storage from $330.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 23rd. Finally, Mizuho raised their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $335.57.

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.