Cerity Partners LLC Has $11.85 Million Position in Public Storage (NYSE:PSA)

Cerity Partners LLC lifted its holdings in shares of Public Storage (NYSE:PSA) by 18.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PSA. Manning & Napier Advisors LLC bought a new stake in Public Storage in the second quarter valued at $14,301,000. Allspring Global Investments Holdings LLC grew its stake in shares of Public Storage by 1.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock valued at $51,762,000 after buying an additional 2,605 shares during the period. PGGM Investments grew its stake in shares of Public Storage by 8.0% in the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after buying an additional 12,396 shares during the period. Swedbank AB bought a new stake in Public Storage in the 1st quarter valued at about $17,465,000. Finally, Massmutual Trust Co. FSB ADV raised its stake in Public Storage by 15.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock worth $5,916,000 after buying an additional 2,770 shares during the period. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wolfe Research raised Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Citigroup lifted their price target on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Wells Fargo & Company lowered their price objective 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. Jefferies Financial Group lifted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Barclays lowered their target price on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have 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 $339.64.

Public Storage Stock Up 0.6 %

Shares of NYSE:PSA opened at $350.04 on Wednesday. Public Storage has a 1 year low of $252.96 and a 1 year high of $369.99. The company has a market capitalization of $61.30 billion, a PE ratio of 36.35, a price-to-earnings-growth ratio of 5.61 and a beta of 0.70. The business has a fifty day moving average price of $343.37 and a two-hundred day moving average price of $318.06. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors 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 annualized dividend and a yield of 3.43%. Public Storage’s payout ratio is currently 124.61%.

Public Storage 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.