OLD National Bancorp IN Increases Stake in Public Storage (NYSE:PSA)

OLD National Bancorp IN grew its position in Public Storage (NYSE:PSA) by 0.2% in the third quarter, HoldingsChannel.com reports. The firm owned 27,736 shares of the real estate investment trust’s stock after acquiring an additional 65 shares during the period. OLD National Bancorp IN’s holdings in Public Storage were worth $10,092,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Everett Harris & Co. CA boosted its position in shares of Public Storage by 7.2% in the third quarter. Everett Harris & Co. CA now owns 1,492 shares of the real estate investment trust’s stock worth $543,000 after purchasing an additional 100 shares during the period. Mitsubishi UFJ Asset Management UK Ltd. bought a new position in shares of Public Storage during the third quarter worth $582,000. Friedenthal Financial purchased a new position in Public Storage during the third quarter valued at $757,000. Capital Investment Advisors LLC grew its stake in Public Storage by 5.4% during the third quarter. Capital Investment Advisors LLC now owns 22,815 shares of the real estate investment trust’s stock valued at $8,302,000 after acquiring an additional 1,164 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in Public Storage by 81.6% during the third quarter. Blue Trust Inc. now owns 1,580 shares of the real estate investment trust’s stock valued at $575,000 after acquiring an additional 710 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Public Storage Stock Performance

NYSE:PSA traded up $0.22 during trading hours on Friday, hitting $345.62. 368,942 shares of the company were exchanged, compared to its average volume of 708,650. The stock has a market capitalization of $60.73 billion, a price-to-earnings ratio of 31.39, a PEG ratio of 4.84 and a beta of 0.68. Public Storage has a 52-week low of $233.18 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. The company’s 50 day moving average price is $345.72 and its 200-day moving average price is $305.21.

Public Storage (NYSE:PSA) last announced 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). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the firm posted $4.28 earnings per share. The business’s revenue was down 1.0% on a year-over-year basis. As a group, research analysts forecast that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Analysts Set New Price Targets

Several research firms recently weighed in on PSA. Wells Fargo & Company raised their target price on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Citigroup raised their target price on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Evercore ISI decreased their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Finally, Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $337.00.

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.