STAR Financial Bank Sells 260 Shares of Public Storage (NYSE:PSA)

STAR Financial Bank reduced its position in shares of Public Storage (NYSE:PSA) by 13.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,688 shares of the real estate investment trust’s stock after selling 260 shares during the quarter. STAR Financial Bank’s holdings in Public Storage were worth $614,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Public Storage by 114.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust’s stock valued at $33,302,000 after acquiring an additional 48,803 shares in the last quarter. Cornerstone Advisors LLC grew its holdings in Public Storage by 164.4% during the 3rd quarter. Cornerstone Advisors LLC now owns 11,900 shares of the real estate investment trust’s stock worth $4,330,000 after acquiring an additional 7,400 shares in the last quarter. Hilton Capital Management LLC raised its holdings in shares of Public Storage by 103.0% in the 3rd quarter. Hilton Capital Management LLC now owns 40,832 shares of the real estate investment trust’s stock valued at $14,858,000 after purchasing an additional 20,720 shares in the last quarter. Commerce Bank boosted its stake in shares of Public Storage by 16.1% during the third quarter. Commerce Bank now owns 62,401 shares of the real estate investment trust’s stock valued at $22,706,000 after purchasing an additional 8,654 shares in the last quarter. Finally, Prospera Private Wealth LLC purchased a new position in Public Storage during the third quarter valued at approximately $34,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PSA. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada decreased their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Scotiabank lifted their price objective on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Morgan Stanley upped their price target on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company decreased their price target on Public Storage from $375.00 to $365.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. One equities research 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. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average price target of $339.64.

Public Storage Price Performance

PSA stock opened at $332.86 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $58.29 billion, a P/E ratio of 34.56, a PEG ratio of 5.56 and a beta of 0.70. The business has a 50 day simple moving average of $344.69 and a 200-day simple moving average of $315.76. Public Storage has a twelve month low of $251.49 and a twelve month high of $369.99.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a yield of 3.61%. Public Storage’s payout ratio is currently 124.61%.

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.