Trustmark National Bank Trust Department Invests $204,000 in Public Storage (NYSE:PSA)

Trustmark National Bank Trust Department bought a new position in shares of Public Storage (NYSE:PSA) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 702 shares of the real estate investment trust’s stock, valued at approximately $204,000.

Several other large investors have also made changes to their positions in PSA. Whittier Trust Co. raised its stake in shares of Public Storage by 22.9% during the 4th quarter. Whittier Trust Co. now owns 2,000 shares of the real estate investment trust’s stock worth $610,000 after buying an additional 373 shares during the period. Brookstone Capital Management raised its stake in shares of Public Storage by 34.2% during the 4th quarter. Brookstone Capital Management now owns 1,182 shares of the real estate investment trust’s stock worth $361,000 after buying an additional 301 shares during the period. SG Americas Securities LLC raised its stake in Public Storage by 23.4% in the 4th quarter. SG Americas Securities LLC now owns 10,041 shares of the real estate investment trust’s stock valued at $3,063,000 after purchasing an additional 1,902 shares during the last quarter. HB Wealth Management LLC acquired a new position in Public Storage in the 4th quarter valued at $429,000. Finally, CoreCap Advisors LLC acquired a new position in Public Storage in the 4th quarter valued at $305,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Trading Down 0.7 %

Shares of NYSE PSA traded down $2.14 during mid-day trading on Wednesday, reaching $299.83. 239,255 shares of the company’s stock were exchanged, compared to its average volume of 709,732. The firm has a market capitalization of $52.69 billion, a price-to-earnings ratio of 27.27, a PEG ratio of 4.43 and a beta of 0.65. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. Public Storage has a 52-week low of $233.18 and a 52-week high of $314.93. The company’s 50-day moving average is $286.07 and its 200-day moving average is $282.42.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Wednesday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date was Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is 108.99%.

Wall Street Analyst Weigh In

Several research analysts recently commented on PSA shares. Barclays reduced their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating for the company in a research note on Monday, May 20th. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $280.00 to $310.00 in a research note on Friday, April 5th. 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. Evercore ISI increased their price objective on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Finally, Scotiabank raised their target price on Public Storage from $289.00 to $314.00 and gave the stock a “sector perform” rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $309.64.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the transaction, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Kristy Pipes acquired 2,149 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was acquired at an average price of $278.96 per share, for a total transaction of $599,485.04. Following the purchase, the director now owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Nathaniel A. Vitan sold 400 shares of Public Storage stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. 11.00% of the stock is currently owned by company insiders.

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.