UMB Bank n.a. Grows Stake in Public Storage (NYSE:PSA)

UMB Bank n.a. raised its stake in Public Storage (NYSE:PSA) by 1,511.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,625 shares of the real estate investment trust’s stock after acquiring an additional 17,469 shares during the period. UMB Bank n.a.’s holdings in Public Storage were worth $6,777,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. OFI Invest Asset Management purchased a new stake in shares of Public Storage in the second quarter worth $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage in the second quarter worth $36,000. Riverview Trust Co purchased a new stake in shares of Public Storage in the first quarter worth $37,000. Crewe Advisors LLC bought a new position in shares of Public Storage during the first quarter valued at $39,000. Finally, EdgeRock Capital LLC bought a new position in shares of Public Storage during the second quarter valued at $39,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 1.7 %

NYSE PSA opened at $342.07 on Friday. The stock’s 50-day moving average price is $340.84 and its 200-day moving average price is $302.25. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 52 week low of $233.18 and a 52 week high of $369.99. The company has a market capitalization of $59.87 billion, a P/E ratio of 32.06, a price-to-earnings-growth ratio of 4.90 and a beta of 0.68.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the business posted $4.28 EPS. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, equities research analysts predict that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.51%. The ex-dividend date was Friday, September 13th. Public Storage’s dividend payout ratio is currently 112.46%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PSA shares. Royal Bank of Canada started coverage on Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price target on the stock. Scotiabank upped their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Jefferies Financial Group upped their price target on Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Wells Fargo & Company upped their price target on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $337.36.

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.