Cetera Advisors LLC Buys 25,768 Shares of Public Storage (NYSE:PSA)

Cetera Advisors LLC lifted its stake in Public Storage (NYSE:PSA) by 585.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,166 shares of the real estate investment trust’s stock after purchasing an additional 25,768 shares during the quarter. Cetera Advisors LLC’s holdings in Public Storage were worth $8,750,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PSA. Cetera Investment Advisers grew its holdings in shares of Public Storage by 154.8% during the first quarter. Cetera Investment Advisers now owns 57,598 shares of the real estate investment trust’s stock valued at $16,707,000 after buying an additional 34,992 shares during the last quarter. Atria Investments Inc lifted its position in Public Storage by 1.1% in the 1st quarter. Atria Investments Inc now owns 5,732 shares of the real estate investment trust’s stock valued at $1,663,000 after acquiring an additional 61 shares in the last quarter. Swedbank AB bought a new position in Public Storage in the 1st quarter valued at approximately $17,465,000. LRI Investments LLC bought a new position in Public Storage in the 1st quarter valued at approximately $42,000. Finally, Plato Investment Management Ltd lifted its position in Public Storage by 413.7% in the 1st quarter. Plato Investment Management Ltd now owns 6,128 shares of the real estate investment trust’s stock valued at $1,777,000 after acquiring an additional 4,935 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Insider Transactions at Public Storage

In related news, Director Kristy Pipes acquired 2,149 shares of Public Storage stock in a transaction dated Tuesday, May 14th. The stock was purchased at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the purchase, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction on Monday, June 10th. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was acquired 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 approximately $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is currently owned by company insiders.

Public Storage Price Performance

NYSE PSA opened at $311.90 on Friday. The business’s fifty day moving average price is $288.97 and its 200-day moving average price is $282.82. The stock has a market capitalization of $54.81 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 4.39 and a beta of 0.65. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.54. Public Storage has a 1-year low of $233.18 and a 1-year high of $314.93.

Public Storage (NYSE:PSA) last posted its quarterly earnings data 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). The company had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the company earned $4.28 earnings per share. On average, equities analysts predict that Public Storage will post 16.8 earnings per share for the current year.

Public Storage Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.