OLD National Bancorp IN Grows Stock Holdings in Public Storage (NYSE:PSA)

OLD National Bancorp IN raised its position in Public Storage (NYSE:PSA) by 0.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,736 shares of the real estate investment trust’s stock after acquiring an additional 65 shares during the quarter. OLD National Bancorp IN’s holdings in Public Storage were worth $10,092,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Daiwa Securities Group Inc. boosted its stake in shares of Public Storage by 86.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after purchasing an additional 299,826 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Public Storage by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after purchasing an additional 281,800 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Public Storage by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after purchasing an additional 217,487 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Public Storage by 116.7% during the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock valued at $111,077,000 after purchasing an additional 208,546 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

PSA has been the topic of a number of research reports. Barclays lifted their target price on shares of Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research note on Thursday, August 1st. Royal Bank of Canada assumed coverage on shares of Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Citigroup boosted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $337.00.

Public Storage Stock Up 0.1 %

Public Storage stock traded up $0.22 during trading hours on Friday, hitting $345.62. The stock had a trading volume of 368,942 shares, compared to its average volume of 708,650. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $60.73 billion, a P/E ratio of 31.39, a price-to-earnings-growth ratio of 4.84 and a beta of 0.68. Public Storage has a 12-month low of $233.18 and a 12-month high of $369.99. The stock’s 50-day moving average price is $345.72 and its 200-day moving average price is $305.21.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the firm earned $4.28 earnings per share. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. Equities research analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.47%. Public Storage’s dividend payout ratio is currently 108.99%.

Public Storage Company 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.