Umpqua Bank Buys 128 Shares of Public Storage (NYSE:PSA)

Umpqua Bank grew its stake in shares of Public Storage (NYSE:PSA) by 2.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 4,598 shares of the real estate investment trust’s stock after acquiring an additional 128 shares during the period. Umpqua Bank’s holdings in Public Storage were worth $1,323,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Isthmus Partners LLC increased its stake in Public Storage by 1.9% during the 2nd quarter. Isthmus Partners LLC now owns 40,848 shares of the real estate investment trust’s stock valued at $11,750,000 after purchasing an additional 756 shares in the last quarter. Cullen Frost Bankers Inc. increased its position in shares of Public Storage by 1.5% during the second quarter. Cullen Frost Bankers Inc. now owns 25,550 shares of the real estate investment trust’s stock valued at $7,349,000 after acquiring an additional 374 shares in the last quarter. Savant Capital LLC increased its position in shares of Public Storage by 342.5% during the second quarter. Savant Capital LLC now owns 8,284 shares of the real estate investment trust’s stock valued at $2,383,000 after acquiring an additional 6,412 shares in the last quarter. Weil Company Inc. raised its holdings in Public Storage by 0.3% in the 2nd quarter. Weil Company Inc. now owns 62,632 shares of the real estate investment trust’s stock worth $18,016,000 after acquiring an additional 171 shares during the last quarter. Finally, Candriam S.C.A. lifted its position in Public Storage by 4.5% in the 2nd quarter. Candriam S.C.A. now owns 13,020 shares of the real estate investment trust’s stock valued at $3,745,000 after acquiring an additional 562 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of Public Storage stock opened at $345.63 on Friday. The stock has a market cap of $60.49 billion, a P/E ratio of 31.39, a P/E/G ratio of 5.69 and a beta of 0.67. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The stock’s fifty day moving average is $313.10 and its 200 day moving average is $290.42. Public Storage has a one year low of $233.18 and a one year high of $347.77.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the business earned $4.28 EPS. Sell-side analysts anticipate that Public Storage will post 16.72 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.47%. The ex-dividend date is Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction 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 transaction, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 11.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PSA. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research note on Thursday, August 1st. Scotiabank upped their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Barclays raised their price target on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Citigroup boosted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Wells Fargo & Company raised their target price on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and an average target price of $323.77.

Public Storage Company 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.