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

Cetera Trust Company N.A purchased a new stake in Public Storage (NYSE:PSA) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 390 shares of the real estate investment trust’s stock, valued at approximately $119,000.

Other large investors have also recently bought and sold shares of the company. Handelsbanken Fonder AB increased its holdings in shares of Public Storage by 2.6% during the fourth quarter. Handelsbanken Fonder AB now owns 59,701 shares of the real estate investment trust’s stock worth $18,209,000 after purchasing an additional 1,505 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Public Storage by 0.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 45,422 shares of the real estate investment trust’s stock worth $13,854,000 after purchasing an additional 421 shares during the period. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of Public Storage by 82.2% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 23,336 shares of the real estate investment trust’s stock worth $7,117,000 after purchasing an additional 10,530 shares during the period. abrdn plc increased its holdings in shares of Public Storage by 5.5% during the fourth quarter. abrdn plc now owns 270,908 shares of the real estate investment trust’s stock worth $82,627,000 after purchasing an additional 14,210 shares during the period. Finally, J.W. Cole Advisors Inc. acquired a new stake in shares of Public Storage during the 4th quarter worth approximately $572,000. 78.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. The Goldman Sachs Group increased their price target on shares of Public Storage from $307.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target on the stock. Barclays assumed coverage on shares of Public Storage in a research report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target on the stock. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $280.00 to $310.00 in a research report on Friday, April 5th. Finally, Raymond James upgraded 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 research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $305.00.

Public Storage Price Performance

PSA stock opened at $261.44 on Tuesday. The company has a fifty day moving average price of $280.36 and a 200-day moving average price of $276.63. The company has a market capitalization of $45.93 billion, a P/E ratio of 23.64, a PEG ratio of 3.42 and a beta of 0.54. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. 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 (NYSE:PSA) last released 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 business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. Public Storage’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $4.16 EPS. As a group, equities analysts expect that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were paid 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 was Tuesday, March 12th. Public Storage’s dividend payout ratio is presently 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.