Cetera Investment Advisers Has $12.83 Million Stock Holdings in Public Storage (NYSE:PSA)

Cetera Investment Advisers reduced its stake in shares of Public Storage (NYSE:PSA) by 22.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 44,602 shares of the real estate investment trust’s stock after selling 12,996 shares during the quarter. Cetera Investment Advisers’ holdings in Public Storage were worth $12,830,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Core Wealth Advisors Inc. acquired a new stake in Public Storage during the fourth quarter worth about $30,000. OFI Invest Asset Management acquired a new stake in shares of Public Storage during the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage in the second quarter valued at approximately $36,000. Riverview Trust Co acquired a new position in Public Storage during the first quarter valued at approximately $37,000. Finally, Crewe Advisors LLC bought a new stake in Public Storage during the first quarter worth $39,000. Institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PSA shares. Jefferies Financial Group raised their target price on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Bank of America cut Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research report on Monday, August 5th. Scotiabank increased their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Evercore ISI lifted their price target on shares of Public Storage from $334.00 to $343.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Royal Bank of Canada initiated coverage on shares of Public Storage in a research report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $337.36.

Public Storage Trading Down 2.2 %

PSA opened at $345.30 on Friday. The company has a fifty day moving average price of $338.05 and a two-hundred day moving average price of $300.69. Public Storage has a 1-year low of $233.18 and a 1-year high of $369.99. The company has a market cap of $60.68 billion, a P/E ratio of 31.36, a price-to-earnings-growth ratio of 5.02 and a beta of 0.68. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share 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 firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the company posted $4.28 earnings per share. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. Analysts predict that Public Storage will post 16.75 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.48%. Public Storage’s payout ratio is 108.99%.

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.