STAR Financial Bank Reduces Position in Public Storage (NYSE:PSA)

STAR Financial Bank trimmed its stake in Public Storage (NYSE:PSA) by 13.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,688 shares of the real estate investment trust’s stock after selling 260 shares during the period. STAR Financial Bank’s holdings in Public Storage were worth $614,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Public Storage by 114.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock worth $33,302,000 after buying an additional 48,803 shares during the period. Cornerstone Advisors LLC increased its holdings in Public Storage by 164.4% in the 3rd quarter. Cornerstone Advisors LLC now owns 11,900 shares of the real estate investment trust’s stock worth $4,330,000 after acquiring an additional 7,400 shares in the last quarter. Hilton Capital Management LLC increased its holdings in Public Storage by 103.0% in the 3rd quarter. Hilton Capital Management LLC now owns 40,832 shares of the real estate investment trust’s stock worth $14,858,000 after acquiring an additional 20,720 shares in the last quarter. Commerce Bank raised its stake in Public Storage by 16.1% during the 3rd quarter. Commerce Bank now owns 62,401 shares of the real estate investment trust’s stock worth $22,706,000 after acquiring an additional 8,654 shares during the period. Finally, Prospera Private Wealth LLC bought a new position in shares of Public Storage in the third quarter worth approximately $34,000. 78.79% of the stock is owned by institutional investors.

Public Storage Stock Down 0.5 %

Shares of PSA opened at $332.86 on Thursday. The business has a fifty day moving average of $344.69 and a 200 day moving average of $315.76. The company has a market cap of $58.29 billion, a PE ratio of 34.56, a P/E/G ratio of 5.56 and a beta of 0.70. 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 52-week low of $251.49 and a 52-week high of $369.99.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.61%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Wall Street Analyst Weigh In

Several analysts have recently commented on PSA shares. Evercore ISI decreased their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Morgan Stanley boosted their price objective on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group increased their target price on Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Royal Bank of Canada lowered their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Finally, Scotiabank upped their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $339.64.

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.