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

Tompkins Financial Corp grew its stake in shares of Public Storage (NYSE:PSAFree Report) by 3.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,242 shares of the real estate investment trust’s stock after purchasing an additional 722 shares during the period. Tompkins Financial Corp’s holdings in Public Storage were worth $7,032,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in shares of Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. purchased a new stake in shares of Public Storage in the 4th quarter worth about $30,000. EdgeRock Capital LLC purchased a new stake in shares of Public Storage in the 4th quarter worth about $32,000. Private Ocean LLC boosted its position in shares of Public Storage by 5,450.0% in the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 109 shares in the last quarter. Finally, Centerpoint Advisors LLC purchased a new stake in shares of Public Storage in the 4th quarter worth about $35,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on PSA. Barclays decreased their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Monday, May 20th. Raymond James raised shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 target price for the company in a research note on Thursday, March 28th. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $280.00 to $310.00 in a research note on Friday, April 5th. BMO Capital Markets boosted their target price on shares of Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. Finally, Scotiabank boosted their target price on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $303.00.

Get Our Latest Report on PSA

Insider Buying and Selling

In related news, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Public Storage news, Director Kristy Pipes bought 2,149 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average price of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now owns 2,149 shares in the company, valued at $599,485.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Nathaniel A. Vitan sold 400 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The disclosure for this sale can be found here. Corporate insiders own 11.10% of the company’s stock.

Public Storage Trading Up 2.7 %

Shares of NYSE PSA traded up $7.65 on Wednesday, reaching $291.45. 899,063 shares of the company traded hands, compared to its average volume of 672,764. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The company has a 50 day moving average of $272.79 and a 200 day moving average of $281.99. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $51.22 billion, a PE ratio of 26.47, a P/E/G ratio of 3.96 and a beta of 0.63.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend is Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

About Public Storage

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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