Cetera Investment Advisers Raises Position in Public Storage (NYSE:PSA)

Cetera Investment Advisers grew its holdings in shares of Public Storage (NYSE:PSA) by 154.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. TIAA Trust National Association acquired a new stake in shares of Public Storage during the 4th quarter worth $230,000. Avitas Wealth Management LLC increased its holdings in shares of Public Storage by 57.8% during the 4th quarter. Avitas Wealth Management LLC now owns 5,954 shares of the real estate investment trust’s stock worth $1,816,000 after buying an additional 2,180 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Public Storage during the 4th quarter worth $21,590,000. Forza Wealth Management LLC acquired a new stake in shares of Public Storage during the 4th quarter worth $213,000. Finally, Park Place Capital Corp increased its holdings in shares of Public Storage by 28.0% during the 4th quarter. Park Place Capital Corp now owns 206 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 45 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Insider Buying and Selling at Public Storage

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

Public Storage Stock Performance

NYSE PSA traded up $11.82 during trading hours on Friday, reaching $311.90. The company’s stock had a trading volume of 1,217,011 shares, compared to its average volume of 652,290. The company has a current ratio of 0.93, a quick ratio of 0.54 and a debt-to-equity ratio of 1.72. The business has a 50-day simple moving average of $288.97 and a 200 day simple moving average of $282.90. Public Storage has a 52 week low of $233.18 and a 52 week high of $314.93. The stock has a market cap of $54.81 billion, a PE ratio of 28.33, a PEG ratio of 4.39 and a beta of 0.65.

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

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders 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 payout ratio is currently 108.99%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PSA shares. Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday. Barclays lowered their price target on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Scotiabank increased their price target on Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a report on Friday, July 19th. Evercore ISI increased their price target on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a 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 equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $309.73.

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.