OLD National Bancorp IN Sells 1,227 Shares of Public Storage (NYSE:PSA)

OLD National Bancorp IN trimmed its holdings in shares of Public Storage (NYSE:PSA) by 5.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Quent Capital LLC increased its stake in Public Storage by 135.1% during the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Ameriflex Group Inc. bought a new position in shares of Public Storage during the 4th quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Public Storage during the 4th quarter worth approximately $32,000. Millstone Evans Group LLC bought a new position in shares of Public Storage during the 4th quarter worth approximately $38,000. Finally, Parvin Asset Management LLC bought a new position in shares of Public Storage during the 4th quarter worth approximately $38,000. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSA. Truist Financial raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Scotiabank raised their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a “sector outperform” rating in a research note on Monday, May 12th. Bank of America raised their price target on shares of Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Finally, Evercore ISI raised their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a research note on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $339.25.

Public Storage Trading Up 0.9%

NYSE PSA opened at $303.30 on Monday. The company has a market cap of $53.21 billion, a PE ratio of 31.50, a PEG 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. The stock has a 50 day moving average of $295.50 and a 200-day moving average of $302.14.

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 the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The company 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 firm posted $4.03 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities research analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

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

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.