Tompkins Financial Corp Grows Stake in Public Storage (NYSE:PSA)

Tompkins Financial Corp boosted its position in shares of Public Storage (NYSE:PSA) by 2.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,533 shares of the real estate investment trust’s stock after acquiring an additional 618 shares during the quarter. Tompkins Financial Corp’s holdings in Public Storage were worth $8,927,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Public Storage by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock worth $6,075,681,000 after acquiring an additional 217,487 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Public Storage by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after purchasing an additional 219,391 shares during the period. APG Asset Management US Inc. lifted its stake in shares of Public Storage by 4.8% during the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after buying an additional 100,000 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Public Storage by 8.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after buying an additional 95,080 shares during the period. Finally, Centersquare Investment Management LLC increased its stake in 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 worth $343,573,000 after buying an additional 173,975 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 1.9 %

Shares of NYSE PSA traded up $6.29 during trading hours on Friday, hitting $339.42. 611,198 shares of the company traded hands, compared to its average volume of 716,600. The stock has a market capitalization of $59.44 billion, a price-to-earnings ratio of 35.25, a price-to-earnings-growth ratio of 4.58 and a beta of 0.70. The company’s 50 day moving average price is $346.94 and its 200 day moving average price is $311.34. Public Storage has a 12 month low of $241.60 and a 12 month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a dividend of $3.00 per share. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.54%. Public Storage’s payout ratio is 124.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Citigroup upped their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Barclays upped their price target on Public Storage from $374.00 to $381.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Jefferies Financial Group increased their price objective on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Evercore ISI lowered their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Finally, Truist Financial cut shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $339.71.

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.