First National Bank of Mount Dora Trust Investment Services Sells 11,257 Shares of Public Storage (NYSE:PSA)

First National Bank of Mount Dora Trust Investment Services decreased its holdings in shares of Public Storage (NYSE:PSA) by 91.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,029 shares of the real estate investment trust’s stock after selling 11,257 shares during the period. First National Bank of Mount Dora Trust Investment Services’ holdings in Public Storage were worth $308,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Cohen & Steers Inc. increased its stake in shares of Public Storage by 12.3% during the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust’s stock valued at $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Public Storage by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust’s stock valued at $1,197,769,000 after purchasing an additional 78,472 shares in the last quarter. Norges Bank bought a new position in shares of Public Storage during the fourth quarter valued at approximately $931,286,000. Northern Trust Corp increased its stake in shares of Public Storage by 43.4% during the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust’s stock valued at $741,592,000 after purchasing an additional 749,913 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Public Storage by 10.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust’s stock valued at $509,803,000 after purchasing an additional 158,665 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 0.1%

PSA opened at $302.65 on Tuesday. The stock has a market cap of $53.09 billion, a price-to-earnings ratio of 31.43, a price-to-earnings-growth ratio of 4.91 and a beta of 0.89. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s fifty day moving average is $295.60 and its 200 day moving average is $301.90.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.03 EPS. On average, sell-side analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage’s payout ratio is currently 119.17%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PSA shares. Evercore ISI boosted their price objective on shares of Public Storage from $297.00 to $309.00 and gave the stock an “in-line” rating in a report on Friday, May 2nd. Bank of America lifted their target price on shares of Public Storage from $368.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Mizuho lifted their target price on shares of Public Storage from $287.00 to $309.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Royal Bank of Canada cut their target price on shares of Public Storage from $329.00 to $328.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. Finally, Wells Fargo & Company cut their target price on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price 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.