STAR Financial Bank Sells 240 Shares of Public Storage (NYSE:PSA)

STAR Financial Bank trimmed its stake in shares of Public Storage (NYSE:PSA) by 11.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,948 shares of the real estate investment trust’s stock after selling 240 shares during the quarter. STAR Financial Bank’s holdings in Public Storage were worth $560,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. acquired a new position in Public Storage in the 4th quarter worth about $30,000. OFI Invest Asset Management bought a new position in Public Storage in the second quarter valued at about $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage in the second quarter valued at approximately $36,000. Finally, ICA Group Wealth Management LLC bought a new position in Public Storage in the 4th quarter valued at approximately $37,000. Institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada initiated coverage on Public Storage in a report on Tuesday. They set a “sector perform” rating and a $358.00 target price on the stock. Citigroup increased their price target on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Barclays lifted their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Scotiabank increased 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 report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $326.21.

Public Storage Trading Up 2.2 %

NYSE:PSA opened at $359.12 on Wednesday. The firm has a fifty day simple moving average of $315.94 and a two-hundred day simple moving average of $291.42. Public Storage has a 12 month low of $233.18 and a 12 month high of $361.23. The stock has a market capitalization of $62.85 billion, a price-to-earnings ratio of 32.62, a PEG ratio of 5.72 and a beta of 0.67. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72.

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

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.34%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

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.