Public Storage (NYSE:PSA) Shares Sold by UMB Bank n.a.

UMB Bank n.a. cut its position in Public Storage (NYSE:PSA) by 22.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,156 shares of the real estate investment trust’s stock after selling 327 shares during the quarter. UMB Bank n.a.’s holdings in Public Storage were worth $333,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PSA. Gryphon Financial Partners LLC grew its stake in shares of Public Storage by 2.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,562 shares of the real estate investment trust’s stock worth $476,000 after purchasing an additional 38 shares during the last quarter. Signet Financial Management LLC increased its position in Public Storage by 2.1% during the first quarter. Signet Financial Management LLC now owns 1,913 shares of the real estate investment trust’s stock worth $555,000 after acquiring an additional 39 shares during the period. Assenagon Asset Management S.A. increased its holdings in Public Storage by 0.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,174 shares of the real estate investment trust’s stock valued at $1,201,000 after buying an additional 39 shares during the period. Brookstone Capital Management increased its holdings in Public Storage by 3.4% in the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock valued at $354,000 after buying an additional 40 shares during the period. Finally, Legacy Wealth Asset Management LLC increased its holdings in Public Storage by 3.5% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock valued at $357,000 after buying an additional 42 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PSA. Scotiabank upped their price target on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Citigroup increased their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company raised their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Barclays increased their price objective on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Truist Financial downgraded Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $323.77.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.00% of the company’s stock.

Public Storage Stock Up 0.6 %

PSA traded up $2.00 on Friday, hitting $343.72. The company had a trading volume of 930,977 shares, compared to its average volume of 711,902. The stock has a fifty day simple moving average of $306.61 and a 200-day simple moving average of $287.79. Public Storage has a 52-week low of $233.18 and a 52-week high of $344.32. The firm has a market capitalization of $60.40 billion, a P/E ratio of 31.22, a P/E/G ratio of 5.28 and a beta of 0.65. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm posted $4.28 EPS. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, equities analysts expect that Public Storage will post 16.74 EPS for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.49%. Public Storage’s payout ratio is 108.99%.

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.