Cetera Investment Advisers Increases Holdings in Public Storage (NYSE:PSA)

Cetera Investment Advisers boosted its position in Public Storage (NYSE:PSA) by 4.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,601 shares of the real estate investment trust’s stock after purchasing an additional 2,070 shares during the period. Cetera Investment Advisers’ holdings in Public Storage were worth $13,954,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quent Capital LLC increased its stake in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Public Storage during the fourth quarter worth $32,000. Synergy Asset Management LLC acquired a new position in shares of Public Storage in the fourth quarter worth $38,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at $38,000. Finally, Parvin Asset Management LLC acquired a new stake in shares of Public Storage during the fourth quarter valued at $38,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on PSA. Barclays reaffirmed an “overweight” rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Scotiabank raised Public Storage from a “sector perform” rating to a “sector outperform” rating and lowered their price objective for the company from $333.00 to $305.00 in a research report on Wednesday, April 9th. Royal Bank of Canada reduced their target price on Public Storage from $329.00 to $328.00 and set a “sector perform” rating on the stock in a research report on Friday, May 2nd. Evercore ISI lifted their price target on Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a report on Friday, May 2nd. Finally, Wells Fargo & Company cut their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $333.75.

Public Storage Price Performance

PSA opened at $303.93 on Friday. The stock has a fifty day moving average price of $294.18 and a 200 day moving average price of $306.90. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 1 year low of $256.60 and a 1 year high of $369.99. The stock has a market cap of $53.31 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 4.91 and a beta of 0.91.

Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $4.03 earnings per share. Analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be paid a $3.00 dividend. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.95%. Public Storage’s payout ratio 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.