Cetera Investment Advisers Acquires 34,992 Shares of Public Storage (NYSE:PSA)

Cetera Investment Advisers increased its holdings in shares of Public Storage (NYSE:PSA) by 154.8% during the first quarter, Holdings Channel.com reports. The fund owned 57,598 shares of the real estate investment trust’s stock after purchasing an additional 34,992 shares during the quarter. Cetera Investment Advisers’ holdings in Public Storage were worth $16,707,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of PSA. EverSource Wealth Advisors LLC increased its holdings in Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 44 shares during the period. Core Wealth Advisors Inc. bought a new position in Public Storage in the 4th quarter valued at about $30,000. EdgeRock Capital LLC bought a new position in Public Storage in the 4th quarter valued at about $32,000. Turtle Creek Wealth Advisors LLC bought a new position in Public Storage in the 4th quarter valued at about $35,000. Finally, ICA Group Wealth Management LLC bought a new position in Public Storage in the 4th quarter valued at about $37,000. 78.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

PSA has been the topic of several recent analyst reports. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a report on Thursday. Evercore ISI raised their price target on shares of Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Barclays reduced their price target on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Scotiabank raised their price target on shares of Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a research note on Friday, July 19th. Finally, Wells Fargo & Company raised their price target on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $309.73.

Public Storage Trading Up 3.9 %

NYSE:PSA traded up $11.82 during mid-day trading on Friday, hitting $311.90. 1,217,011 shares of the company’s stock were exchanged, compared to its average volume of 652,290. The company has a 50 day simple moving average of $288.97 and a 200-day simple moving average of $282.90. The company has a current ratio of 0.93, a quick ratio of 0.54 and a debt-to-equity ratio of 1.72. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $314.93. The firm has a market capitalization of $54.81 billion, a P/E ratio of 28.33, a PEG ratio of 4.39 and a beta of 0.65.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS 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 for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the business earned $4.28 earnings per share. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, research analysts expect that Public Storage will post 16.8 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.85%. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

Insider Transactions at Public Storage

In other news, Director Kristy Pipes purchased 2,149 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the transaction, the director now owns 2,149 shares of the company’s stock, valued at $599,485.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kristy Pipes acquired 2,149 shares of the stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $278.96 per share, with a total value of $599,485.04. Following the purchase, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The disclosure for this purchase can be found here. Corporate insiders own 11.00% of the company’s stock.

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.