CTC Alternative Strategies Ltd. acquired a new stake in shares of Public Storage (NYSE:PSA - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 911 shares of the real estate investment trust's stock, valued at approximately $273,000. Public Storage accounts for approximately 0.3% of CTC Alternative Strategies Ltd.'s holdings, making the stock its 27th largest holding.
Other institutional investors also recently made changes to their positions in the company. Quent Capital LLC boosted its position 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 worth $26,000 after purchasing an additional 50 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in Public Storage during the 4th quarter worth $32,000. Synergy Asset Management LLC purchased a new stake in Public Storage during the 4th quarter worth $38,000. Millstone Evans Group LLC purchased a new stake in Public Storage during the 4th quarter worth $38,000. Finally, Parvin Asset Management LLC purchased a new stake in Public Storage during the 4th quarter worth $38,000. 78.79% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of brokerages recently weighed in on PSA. Evercore ISI upped their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Bank of America increased their price objective on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Barclays dropped their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Scotiabank raised their price objective on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Finally, Mizuho lifted their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $339.25.
View Our Latest Research Report on PSA
Public Storage Stock Performance
Shares of NYSE:PSA traded up $2.47 during midday trading on Thursday, hitting $304.63. The company's stock had a trading volume of 213,774 shares, compared to its average volume of 743,775. The stock has a market capitalization of $53.44 billion, a price-to-earnings ratio of 31.64, a PEG ratio of 4.91 and a beta of 0.91. The stock's 50 day simple moving average is $294.03 and its 200 day simple moving average is $304.02. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. 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 (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.06 by $0.06. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The firm's revenue was up .1% compared to the same quarter last year. During the same period last year, the business posted $4.03 earnings per share. As a group, research analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.
Public Storage Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is presently 119.17%.
About Public Storage
(
Free Report)
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.
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