Cibc World Markets Corp Grows Stake in Public Storage (NYSE:PSA)

Cibc World Markets Corp boosted its position in shares of Public Storage (NYSE:PSA) by 12.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 70,708 shares of the real estate investment trust’s stock after purchasing an additional 7,648 shares during the quarter. Cibc World Markets Corp’s holdings in Public Storage were worth $21,173,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Huntington National Bank boosted its position in shares of Public Storage by 5.4% in the 3rd quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock worth $235,000 after buying an additional 33 shares in the last quarter. Chesapeake Wealth Management lifted its holdings in shares of Public Storage by 2.2% in the third quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock valued at $560,000 after purchasing an additional 33 shares in the last quarter. Lindenwold Advisors INC grew its position in shares of Public Storage by 0.8% in the third quarter. Lindenwold Advisors INC now owns 4,390 shares of the real estate investment trust’s stock valued at $1,597,000 after purchasing an additional 34 shares during the last quarter. Doliver Advisors LP increased its stake in shares of Public Storage by 2.6% during the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock worth $433,000 after purchasing an additional 36 shares in the last quarter. Finally, Brooklyn Investment Group raised its position in shares of Public Storage by 3.4% during the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock worth $345,000 after purchasing an additional 38 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PSA. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and increased their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Scotiabank lowered their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday, March 5th. Wells Fargo & Company reduced their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Finally, Royal Bank of Canada lowered their target price 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 equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and a consensus target price of $339.69.

Public Storage Trading Up 0.7 %

Shares of PSA opened at $300.37 on Tuesday. The stock’s fifty day simple moving average is $299.89 and its 200 day simple moving average is $323.18. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $52.69 billion, a P/E ratio of 31.19, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

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

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.