Heartland Bank & Trust Co Lowers Stock Holdings in Public Storage (NYSE:PSA)

Heartland Bank & Trust Co trimmed its stake in Public Storage (NYSE:PSA) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,459 shares of the real estate investment trust’s stock after selling 51 shares during the period. Heartland Bank & Trust Co’s holdings in Public Storage were worth $531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in PSA. Centersquare Investment Management LLC raised its holdings in shares of Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Public Storage in the 2nd quarter valued at about $14,301,000. PGGM Investments raised its holdings in shares of Public Storage by 8.0% in the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after purchasing an additional 12,396 shares in the last quarter. Swedbank AB bought a new stake in shares of Public Storage in the 1st quarter valued at about $17,465,000. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of Public Storage by 15.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 20,566 shares of the real estate investment trust’s stock valued at $5,916,000 after purchasing an additional 2,770 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PSA. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a report on Thursday, August 1st. Jefferies Financial Group boosted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. 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. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective for the company. in a research note on Monday, August 5th. Finally, Evercore ISI reduced their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus target price of $340.93.

Public Storage Stock Up 1.4 %

PSA stock opened at $339.77 on Thursday. The firm’s fifty day simple moving average is $346.82 and its 200-day simple moving average is $306.35. The company has a market capitalization of $59.71 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 4.87 and a beta of 0.68. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a 12 month low of $233.18 and a 12 month high of $369.99.

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

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is currently 108.99%.

About Public Storage

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.