STAR Financial Bank Sells 45 Shares of Public Storage (NYSE:PSA)

STAR Financial Bank reduced its stake in Public Storage (NYSE:PSA) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,188 shares of the real estate investment trust’s stock after selling 45 shares during the quarter. STAR Financial Bank’s holdings in Public Storage were worth $635,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of PSA. Avidian Wealth Solutions LLC increased its holdings in shares of Public Storage by 9.9% during the first quarter. Avidian Wealth Solutions LLC now owns 2,790 shares of the real estate investment trust’s stock worth $809,000 after purchasing an additional 251 shares during the period. Mediolanum International Funds Ltd acquired a new stake in shares of Public Storage during the 1st quarter worth approximately $12,231,000. Smithbridge Asset Management Inc. DE boosted its position in shares of Public Storage by 6.1% during the 1st quarter. Smithbridge Asset Management Inc. DE now owns 2,477 shares of the real estate investment trust’s stock worth $718,000 after acquiring an additional 143 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of Public Storage by 138.1% during the 1st quarter. Larson Financial Group LLC now owns 688 shares of the real estate investment trust’s stock worth $200,000 after acquiring an additional 399 shares in the last quarter. Finally, United Community Bank acquired a new stake in shares of Public Storage during the 1st quarter worth approximately $1,014,000. 78.79% of the stock is owned by institutional investors.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at $881,568.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Kristy Pipes purchased 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the acquisition, the director now owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the transaction, the insider now owns 3,214 shares in the company, valued at $881,568.06. The disclosure for this sale can be found here. Insiders own 11.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on PSA shares. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a research report on Thursday, March 28th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Barclays cut their target price on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. BMO Capital Markets raised their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research report on Tuesday, March 19th. Finally, Scotiabank raised their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research report on Monday, March 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and a consensus price target of $303.00.

Public Storage Trading Down 0.5 %

NYSE PSA traded down $1.57 during mid-day trading on Wednesday, reaching $287.42. 569,572 shares of the stock were exchanged, compared to its average volume of 715,781. Public Storage has a one year low of $233.18 and a one year high of $312.25. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market cap of $50.51 billion, a P/E ratio of 26.11, a P/E/G ratio of 4.23 and a beta of 0.65. The stock has a 50 day simple moving average of $280.48 and a 200-day simple moving average of $282.60.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

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.