Mirae Asset Global Investments Co. Ltd. Increases Holdings in Public Storage $PSA

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Public Storage (NYSE:PSA) by 12.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 26,750 shares of the real estate investment trust’s stock after purchasing an additional 3,055 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Public Storage were worth $7,727,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PSA. Harbor Asset Planning Inc. bought a new position in shares of Public Storage during the 2nd quarter valued at about $25,000. First Pacific Financial bought a new position in Public Storage during the third quarter valued at approximately $26,000. Asset Dedication LLC lifted its position in Public Storage by 111.1% during the second quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 50 shares during the last quarter. NewSquare Capital LLC grew its position in Public Storage by 60.6% in the second quarter. NewSquare Capital LLC now owns 106 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 40 shares in the last quarter. Finally, Tradewinds Capital Management LLC purchased a new position in shares of Public Storage in the 3rd quarter worth approximately $33,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 0.6%

Public Storage stock opened at $275.91 on Friday. The stock has a 50-day moving average price of $272.40 and a 200 day moving average price of $281.95. The company has a market capitalization of $48.41 billion, a price-to-earnings ratio of 28.65, a price-to-earnings-growth ratio of 7.22 and a beta of 1.01. Public Storage has a 52 week low of $256.54 and a 52 week high of $322.49. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 1.99.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, beating the consensus estimate of $4.24 by $0.07. Public Storage had a net margin of 39.53% and a return on equity of 36.09%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the previous year, the business posted $4.20 EPS. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. Sell-side analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Wall Street Analyst Weigh In

PSA has been the subject of a number of recent analyst reports. BNP Paribas Exane dropped their price target on shares of Public Storage from $329.00 to $315.00 in a research note on Tuesday, December 23rd. Raymond James Financial dropped their price target on Public Storage from $350.00 to $330.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, November 18th. Evercore ISI dropped their price objective on shares of Public Storage from $309.00 to $305.00 in a research note on Monday, January 12th. Royal Bank Of Canada reduced their target price on shares of Public Storage from $309.00 to $307.00 and set a “sector perform” rating for the company in a report on Friday, October 31st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Public Storage in a report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $313.19.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.