OLD National Bancorp IN Raises Stake in Public Storage (NYSE:PSA)

OLD National Bancorp IN boosted its position in Public Storage (NYSE:PSA) by 6.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 26,607 shares of the real estate investment trust’s stock after purchasing an additional 1,607 shares during the period. OLD National Bancorp IN’s holdings in Public Storage were worth $8,115,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Second Half Financial Partners LLC purchased a new stake in Public Storage in the 3rd quarter worth approximately $290,129,000. JPMorgan Chase & Co. boosted its position in Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock worth $835,032,000 after purchasing an additional 729,262 shares in the last quarter. Lazard Asset Management LLC boosted its position in Public Storage by 555.6% in the 3rd quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock worth $162,104,000 after purchasing an additional 521,322 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Public Storage by 22.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock worth $633,949,000 after purchasing an additional 451,864 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Public Storage by 29.0% in the 3rd quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust’s stock worth $300,786,000 after purchasing an additional 256,326 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on PSA shares. Barclays initiated coverage on Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 target price for the company. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Scotiabank upped their target price on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. Finally, Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Stock Up 0.1 %

PSA stock traded up $0.38 during mid-day trading on Monday, reaching $260.76. The company had a trading volume of 25,561 shares, compared to its average volume of 717,615. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. The company has a market capitalization of $45.81 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 3.42 and a beta of 0.54. The firm has a fifty day simple moving average of $280.76 and a 200 day simple moving average of $276.61. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the business posted $4.16 EPS. Public Storage’s revenue was up 6.6% on a year-over-year basis. Analysts forecast that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.60%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is 108.50%.

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.