Cerity Partners LLC Purchases 506 Shares of Public Storage (NYSE:PSA)

Cerity Partners LLC boosted its position in Public Storage (NYSE:PSA) by 2.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 21,667 shares of the real estate investment trust’s stock after acquiring an additional 506 shares during the period. Cerity Partners LLC’s holdings in Public Storage were worth $6,608,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PSA. Sunbelt Securities Inc. bought a new stake in shares of Public Storage in the first quarter valued at approximately $26,000. ICA Group Wealth Management LLC bought a new stake in Public Storage during the 4th quarter valued at $29,000. Private Ocean LLC lifted its position in shares of Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 109 shares in the last quarter. Centerpoint Advisors LLC purchased a new stake in shares of Public Storage during the fourth quarter worth $35,000. Finally, Turtle Creek Wealth Advisors LLC bought a new position in shares of Public Storage in the fourth quarter worth $35,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on PSA shares. Deutsche Bank Aktiengesellschaft started coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective on the stock. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a report on Thursday, March 28th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $280.00 to $310.00 in a report on Friday, April 5th. BMO Capital Markets raised their price target on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a report on Tuesday, March 19th. Finally, Barclays assumed coverage on shares of Public Storage in a report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Down 2.3 %

Shares of NYSE:PSA opened at $265.76 on Tuesday. The firm has a market capitalization of $46.69 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 3.57 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The firm has a fifty day moving average of $282.45 and a 200 day moving average of $276.58.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.15 by ($1.94). The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period last year, the firm earned $4.16 EPS. As a group, research analysts anticipate that Public Storage will post 16.93 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is currently 108.50%.

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.