CTC Alternative Strategies Ltd. Purchases New Position in Public Storage (NYSE:PSA)

CTC Alternative Strategies Ltd. purchased a new stake in Public Storage (NYSE:PSA - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 911 shares of the real estate investment trust's stock, valued at approximately $273,000. Public Storage accounts for about 0.3% of CTC Alternative Strategies Ltd.'s holdings, making the stock its 27th biggest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Quent Capital LLC lifted its holdings in 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 purchasing an additional 50 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Public Storage during the fourth quarter worth about $32,000. Synergy Asset Management LLC acquired a new stake in shares of Public Storage during the fourth quarter worth approximately $38,000. Millstone Evans Group LLC bought a new position in shares of Public Storage in the fourth quarter valued at approximately $38,000. Finally, Parvin Asset Management LLC bought a new position in shares of Public Storage in the fourth quarter valued at approximately $38,000. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

NYSE:PSA traded up $3.60 during mid-day trading on Tuesday, reaching $300.30. 874,607 shares of the company were exchanged, compared to its average volume of 745,720. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The stock has a market cap of $52.68 billion, a PE ratio of 31.18, a PEG ratio of 4.91 and a beta of 0.91. The company has a fifty day moving average of $293.73 and a 200 day moving average of $304.06.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the company posted $4.03 EPS. The company's revenue was up .1% compared to the same quarter last year. On average, research analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a dividend of $3.00 per share. The ex-dividend date is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.00%. Public Storage's payout ratio is presently 119.17%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a research report on Thursday, April 10th. Mizuho began coverage on Public Storage in a report on Wednesday, April 9th. They set a "neutral" rating and a $287.00 target price on the stock. Wells Fargo & Company lowered their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Evercore ISI raised their target price on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Finally, Barclays decreased their price objective 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. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has 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 a consensus price target of $337.42.

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.