Cetera Trust Company N.A Buys Shares of 390 Public Storage (NYSE:PSA)

Cetera Trust Company N.A bought a new stake in shares of Public Storage (NYSE:PSA) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 390 shares of the real estate investment trust’s stock, valued at approximately $119,000.

Several other institutional investors also recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in Public Storage by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after buying an additional 729,262 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Public Storage by 22.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock valued at $633,949,000 after buying an additional 451,864 shares in the last quarter. Northern Trust Corp raised its holdings in Public Storage by 2.8% during the third quarter. Northern Trust Corp now owns 2,311,981 shares of the real estate investment trust’s stock valued at $609,253,000 after buying an additional 63,289 shares in the last quarter. Morgan Stanley raised its holdings in Public Storage by 0.8% during the third quarter. Morgan Stanley now owns 1,680,149 shares of the real estate investment trust’s stock valued at $442,753,000 after buying an additional 13,864 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Public Storage by 6.5% in the third quarter. American Century Companies Inc. now owns 1,330,220 shares of the real estate investment trust’s stock worth $350,540,000 after purchasing an additional 80,784 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Up 0.4 %

NYSE PSA opened at $261.44 on Tuesday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58. The stock’s 50 day moving average is $280.36 and its two-hundred day moving average is $276.63. The company has a market capitalization of $45.93 billion, a price-to-earnings ratio of 23.64, a PEG ratio of 3.42 and a beta of 0.54. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.16 earnings per share. Equities analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PSA. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective on the stock in a research note on Thursday, March 28th. The Goldman Sachs Group lifted their price objective on Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. BMO Capital Markets lifted their price objective on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Barclays began coverage on Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective on the stock. Finally, Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Company 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.