Camden National Bank Trims Stake in Public Storage (NYSE:PSA)

Camden National Bank reduced its position in Public Storage (NYSE:PSA) by 2.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,187 shares of the real estate investment trust’s stock after selling 796 shares during the quarter. Public Storage accounts for approximately 1.9% of Camden National Bank’s holdings, making the stock its 15th biggest holding. Camden National Bank’s holdings in Public Storage were worth $13,167,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in shares of Public Storage during the third quarter worth approximately $34,000. Ashton Thomas Securities LLC purchased a new position in shares of Public Storage during the third quarter worth approximately $38,000. OFI Invest Asset Management purchased a new position in shares of Public Storage during the second quarter worth approximately $32,000. Opal Wealth Advisors LLC purchased a new position in shares of Public Storage during the second quarter worth approximately $36,000. Finally, EdgeRock Capital LLC purchased a new position in shares of Public Storage during the second quarter worth approximately $39,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on PSA shares. Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Bank of America lowered shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a research report on Monday, August 5th. Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research note on Thursday, August 1st. Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Finally, Wells Fargo & Company dropped their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Price Performance

Shares of PSA opened at $337.62 on Friday. The company has a market cap of $59.12 billion, a price-to-earnings ratio of 35.06, a price-to-earnings-growth ratio of 5.59 and a beta of 0.70. Public Storage has a twelve month low of $251.49 and a twelve month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a 50 day moving average of $343.82 and a two-hundred day moving average of $316.39.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 annualized dividend and a yield of 3.55%. Public Storage’s dividend payout ratio (DPR) is 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.