Busey Bank Sells 250 Shares of Public Storage (NYSE:PSA)

Busey Bank reduced its holdings in shares of Public Storage (NYSE:PSA) by 10.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,067 shares of the real estate investment trust’s stock after selling 250 shares during the period. Busey Bank’s holdings in Public Storage were worth $752,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. OFI Invest Asset Management bought a new stake in shares of Public Storage during the second quarter worth $32,000. Opal Wealth Advisors LLC bought a new stake in Public Storage during the 2nd quarter valued at about $36,000. Crewe Advisors LLC purchased a new stake in Public Storage in the 1st quarter valued at about $39,000. EdgeRock Capital LLC bought a new position in Public Storage in the 2nd quarter worth about $39,000. Finally, LRI Investments LLC purchased a new position in shares of Public Storage during the first quarter worth approximately $40,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

PSA has been the topic of several research analyst reports. Royal Bank of Canada began coverage on Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective on the stock. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Citigroup upped 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. Jefferies Financial Group raised their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $340.93.

Public Storage Stock Performance

Shares of NYSE PSA opened at $336.32 on Friday. Public Storage has a 1 year low of $233.18 and a 1 year high of $369.99. The company has a market capitalization of $58.86 billion, a PE ratio of 31.52, a price-to-earnings-growth ratio of 4.72 and a beta of 0.68. The company’s fifty day moving average price is $347.24 and its 200 day moving average price is $306.57. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $1.16 billion. During the same quarter in the prior year, the business earned $4.28 earnings per share. Public Storage’s revenue was down 1.0% on a year-over-year basis. On average, research analysts predict that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend was Friday, September 13th. Public Storage’s dividend payout ratio is presently 112.46%.

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.