Cibc World Markets Corp Increases Holdings in Public Storage (NYSE:PSA)

Cibc World Markets Corp raised its stake in Public Storage (NYSE:PSA) by 12.1% during the 4th quarter, HoldingsChannel reports. The firm owned 70,708 shares of the real estate investment trust’s stock after acquiring an additional 7,648 shares during the quarter. Cibc World Markets Corp’s holdings in Public Storage were worth $21,173,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of PSA. Quent Capital LLC raised its holdings in shares of Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares during the period. Prospera Private Wealth LLC acquired a new stake in Public Storage in the third quarter valued at approximately $34,000. Synergy Asset Management LLC purchased a new stake in shares of Public Storage during the fourth quarter valued at approximately $38,000. Toth Financial Advisory Corp lifted its position in shares of Public Storage by 48.2% during the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 66 shares in the last quarter. Finally, Parkworth Wealth Management Inc. purchased a new position in shares of Public Storage in the fourth quarter valued at $67,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on PSA shares. Wells Fargo & Company cut their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Scotiabank reduced their price target on Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Barclays reiterated an “overweight” rating and set a $354.00 target price (down from $361.00) on shares of Public Storage in a research note on Wednesday, March 12th. Finally, Royal Bank of Canada dropped their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $339.69.

Public Storage Stock Up 0.7 %

Shares of NYSE:PSA opened at $300.37 on Tuesday. The company’s fifty day moving average is $299.89 and its two-hundred day moving average is $323.18. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The stock has a market capitalization of $52.69 billion, a price-to-earnings ratio of 31.19, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be issued a $3.00 dividend. The ex-dividend date is Thursday, March 13th. This represents a $12.00 dividend on an annualized basis and a yield of 4.00%. Public Storage’s dividend payout ratio is currently 112.89%.

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.