Umpqua Bank Purchases 214 Shares of Public Storage (NYSE:PSA)

Umpqua Bank raised its stake in Public Storage (NYSE:PSA) by 4.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,083 shares of the real estate investment trust’s stock after purchasing an additional 214 shares during the quarter. Umpqua Bank’s holdings in Public Storage were worth $1,474,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after acquiring an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC grew its position in Public Storage by 389.9% during the 3rd quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after acquiring an additional 1,164,630 shares during the last quarter. FMR LLC grew its position in Public Storage by 20.9% during the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock worth $1,828,763,000 after acquiring an additional 869,066 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Public Storage by 57.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock worth $405,278,000 after acquiring an additional 405,847 shares during the last quarter. Finally, Amundi lifted its holdings in Public Storage by 54.0% during the 4th quarter. Amundi now owns 779,882 shares of the real estate investment trust’s stock worth $230,426,000 after buying an additional 273,486 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Royal Bank of Canada dropped their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Barclays reaffirmed an “overweight” rating and issued a $354.00 target price (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and increased their price objective for the company from $298.00 to $299.00 in a report on Friday, January 10th. Truist Financial dropped their target price on Public Storage from $316.00 to $310.00 and set a “hold” rating on the stock in a research report on Tuesday. Finally, Scotiabank dropped their target price on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a research report on Wednesday, March 5th. Seven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Public Storage presently has an average rating of “Moderate Buy” and a consensus price target of $338.00.

Public Storage Stock Performance

Public Storage stock opened at $291.19 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The firm has a market capitalization of $51.08 billion, a P/E ratio of 30.24, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. The company’s 50-day moving average is $299.96 and its 200 day moving average is $322.12.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

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.