Cambridge Investment Research Advisors Inc. Sells 4,240 Shares of Public Storage (NYSE:PSA)

Cambridge Investment Research Advisors Inc. trimmed its holdings in Public Storage (NYSE:PSA - Free Report) by 21.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,819 shares of the real estate investment trust's stock after selling 4,240 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Public Storage were worth $4,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Ameriflex Group Inc. bought a new stake in Public Storage during the 4th quarter valued at about $30,000. Strategic Investment Solutions Inc. IL purchased a new position in Public Storage during the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC purchased a new position in Public Storage during the first quarter valued at approximately $36,000. Millstone Evans Group LLC purchased a new position in Public Storage during the fourth quarter valued at approximately $38,000. Finally, Parvin Asset Management LLC purchased a new position in shares of Public Storage in the fourth quarter worth $38,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

Shares of NYSE:PSA opened at $290.00 on Friday. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The company's 50 day moving average is $298.55 and its 200 day moving average is $297.88. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The company has a market cap of $50.87 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 4.17 and a beta of 0.89.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business's revenue was up .1% on a year-over-year basis. During the same quarter last year, the company earned $4.03 EPS. On average, sell-side analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were given a dividend of $3.00 per share. The ex-dividend date was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.14%. Public Storage's dividend payout ratio (DPR) is 119.17%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Bank of America boosted their target price on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Barclays cut their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $340.00 to $325.00 in a report on Friday, June 20th. BNP Paribas Exane started coverage on shares of Public Storage in a research note on Tuesday. They issued an "outperform" rating and a $331.00 price objective for the company. Finally, Scotiabank increased their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and an average price target of $337.64.

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.

Want to see what other hedge funds are holding PSA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Storage (NYSE:PSA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.