OLD National Bancorp IN Has $6.82 Million Position in Public Storage (NYSE:PSA)

OLD National Bancorp IN reduced its stake in Public Storage (NYSE:PSA) by 5.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 22,782 shares of the real estate investment trust’s stock after selling 1,227 shares during the quarter. OLD National Bancorp IN’s holdings in Public Storage were worth $6,818,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. Stratos Wealth Partners LTD. lifted its holdings in Public Storage by 6.6% in the 4th quarter. Stratos Wealth Partners LTD. now owns 3,270 shares of the real estate investment trust’s stock worth $979,000 after purchasing an additional 202 shares during the last quarter. Choreo LLC lifted its holdings in shares of Public Storage by 7.2% during the fourth quarter. Choreo LLC now owns 2,300 shares of the real estate investment trust’s stock worth $682,000 after buying an additional 155 shares during the last quarter. Conning Inc. lifted its holdings in shares of Public Storage by 156.8% during the fourth quarter. Conning Inc. now owns 3,005 shares of the real estate investment trust’s stock worth $900,000 after buying an additional 1,835 shares during the last quarter. Apollon Wealth Management LLC lifted its holdings in shares of Public Storage by 208.1% during the fourth quarter. Apollon Wealth Management LLC now owns 5,201 shares of the real estate investment trust’s stock worth $1,557,000 after buying an additional 3,513 shares during the last quarter. Finally, Kingsview Wealth Management LLC lifted its holdings in shares of Public Storage by 4.2% during the fourth quarter. Kingsview Wealth Management LLC now owns 1,090 shares of the real estate investment trust’s stock worth $326,000 after buying an additional 44 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Up 0.9%

NYSE PSA opened at $303.30 on Monday. The stock has a 50-day simple moving average of $295.50 and a 200 day simple moving average of $302.14. The company has a market capitalization of $53.21 billion, a PE ratio of 31.50, a P/E/G ratio of 4.91 and a beta of 0.89. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, beating analysts’ consensus estimates of $4.06 by $0.06. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company posted $4.03 earnings per share. The firm’s revenue was up .1% on a year-over-year basis. Research analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 3.96%. Public Storage’s payout ratio is 119.17%.

Analysts Set New Price Targets

A number of research analysts have recently commented on PSA shares. Barclays cut their price target on Public Storage from $354.00 to $351.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Truist Financial raised Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a research note on Thursday, April 10th. Scotiabank boosted their price objective on Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a research note on Monday, May 12th. Evercore ISI upped their price target on Public Storage from $297.00 to $309.00 and gave the company an “in-line” rating in a research note on Friday, May 2nd. Finally, Wells Fargo & Company cut their price target on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $339.25.

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.