Tompkins Financial Corp lessened its stake in shares of Public Storage (NYSE:PSA – Free Report) by 2.9% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 17,206 shares of the real estate investment trust’s stock after selling 519 shares during the quarter. Tompkins Financial Corp’s holdings in Public Storage were worth $5,022,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Sunbelt Securities Inc. acquired a new stake in Public Storage in the 1st quarter worth about $26,000. GPS Wealth Strategies Group LLC acquired a new stake in Public Storage in the 1st quarter worth about $29,000. ICA Group Wealth Management LLC acquired a new stake in Public Storage in the 4th quarter worth about $29,000. BerganKDV Wealth Management LLC raised its stake in Public Storage by 4,900.0% in the 1st quarter. BerganKDV Wealth Management LLC now owns 100 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 98 shares in the last quarter. Finally, DT Investment Partners LLC acquired a new stake in Public Storage in the 1st quarter worth about $32,000. Institutional investors and hedge funds own 78.75% of the company’s stock.
Analysts Set New Price Targets
Several analysts have weighed in on the stock. Truist Financial dropped their price objective on shares of Public Storage from $320.00 to $305.00 and set a “buy” rating for the company in a research note on Tuesday, August 29th. Stifel Nicolaus decreased their target price on shares of Public Storage from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, September 13th. StockNews.com started coverage on shares of Public Storage in a report on Wednesday, August 23rd. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. decreased their target price on shares of Public Storage from $338.00 to $324.00 in a report on Tuesday, June 13th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $317.20.
Public Storage Trading Up 0.7 %
Shares of NYSE PSA traded up $1.86 during midday trading on Tuesday, reaching $271.74. The stock had a trading volume of 188,599 shares, compared to its average volume of 948,829. The firm has a market cap of $47.78 billion, a price-to-earnings ratio of 11.69, a price-to-earnings-growth ratio of 3.42 and a beta of 0.46. Public Storage has a twelve month low of $266.01 and a twelve month high of $316.48. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.28 and a current ratio of 1.28. The company’s 50 day moving average price is $282.27 and its 200 day moving average price is $288.52.
Public Storage Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Wednesday, September 13th will be given a $3.00 dividend. The ex-dividend date is Tuesday, September 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.42%. Public Storage’s dividend payout ratio (DPR) is currently 51.97%.
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 June 30, 2023, we had: (i) interests in 2,888 self-storage facilities located in 40 states with approximately 206 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 266 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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