Cerity Partners LLC Purchases 4,961 Shares of Public Storage (NYSE:PSA)

Cerity Partners LLC boosted its position in Public Storage (NYSE:PSA) by 18.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 32,566 shares of the real estate investment trust’s stock after purchasing an additional 4,961 shares during the period. Cerity Partners LLC’s holdings in Public Storage were worth $11,850,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new stake in Public Storage in the 3rd quarter worth about $34,000. Ashton Thomas Securities LLC bought a new position in Public Storage during the third quarter worth about $38,000. OFI Invest Asset Management purchased a new position in shares of Public Storage in the second quarter worth about $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Public Storage in the second quarter valued at approximately $36,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Public Storage during the 2nd quarter valued at approximately $39,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

Public Storage stock opened at $350.04 on Wednesday. Public Storage has a fifty-two week low of $252.96 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $61.30 billion, a P/E ratio of 36.35, a price-to-earnings-growth ratio of 5.61 and a beta of 0.70. The firm’s fifty day moving average price is $343.37 and its 200-day moving average price is $318.06.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.43%. Public Storage’s payout ratio is 124.61%.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of recent research reports. Evercore ISI reduced their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Truist Financial lowered Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research note on Thursday, August 1st. Citigroup raised their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Morgan Stanley lifted their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company lowered their price target on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $339.64.

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.