Bangor Savings Bank Sells 304 Shares of Public Storage $PSA

Bangor Savings Bank decreased its holdings in shares of Public Storage (NYSE:PSA) by 6.3% in the second quarter, Holdings Channel reports. The firm owned 4,487 shares of the real estate investment trust’s stock after selling 304 shares during the quarter. Bangor Savings Bank’s holdings in Public Storage were worth $1,317,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSA. Ameriflex Group Inc. bought a new position in Public Storage during the fourth quarter worth about $30,000. Spectrum Wealth Counsel LLC bought a new position in Public Storage during the first quarter worth about $30,000. Opal Wealth Advisors LLC bought a new position in Public Storage during the first quarter worth about $36,000. Wayfinding Financial LLC bought a new position in Public Storage during the first quarter worth about $41,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Public Storage during the fourth quarter worth about $43,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of Public Storage stock opened at $292.71 on Friday. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market cap of $51.36 billion, a P/E ratio of 31.92, a P/E/G ratio of 4.90 and a beta of 0.86. The firm has a 50 day simple moving average of $287.40 and a 200 day simple moving average of $293.48. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.23 by $0.05. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. Public Storage’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Sell-side analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.1%. Public Storage’s dividend payout ratio (DPR) is currently 130.86%.

Wall Street Analyst Weigh In

A number of brokerages have commented on PSA. BMO Capital Markets cut shares of Public Storage from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $340.00 to $325.00 in a research note on Friday, June 20th. Scotiabank dropped their price objective on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a report on Thursday, August 28th. Wells Fargo & Company dropped their price objective on shares of Public Storage from $330.00 to $320.00 and set an “overweight” rating for the company in a report on Wednesday, July 23rd. BNP Paribas Exane initiated coverage on shares of Public Storage in a report on Tuesday, June 24th. They set an “outperform” rating and a $331.00 price objective for the company. Finally, Wall Street Zen lowered shares of Public Storage from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $331.62.

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.