Trust Co. of Vermont Sells 185 Shares of Public Storage (NYSE:PSA)

Trust Co. of Vermont reduced its holdings in shares of Public Storage (NYSE:PSA) by 16.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 921 shares of the real estate investment trust’s stock after selling 185 shares during the quarter. Trust Co. of Vermont’s holdings in Public Storage were worth $265,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Public Storage in the fourth quarter valued at $821,151,000. Daiwa Securities Group Inc. raised its stake in shares of Public Storage by 86.8% in the first quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after buying an additional 299,826 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Public Storage by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock valued at $319,270,000 after buying an additional 281,800 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Public Storage by 4.2% in the first 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 buying an additional 219,391 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after buying an additional 217,487 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Insider Activity at Public Storage

In other Public Storage news, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction on Tuesday, May 14th. The stock was acquired at an average price of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now directly owns 2,149 shares of the company’s stock, valued at approximately $599,485.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the company’s 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 completion of the transaction, 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 Securities & Exchange Commission, which is available at the SEC website. Also, Director Kristy Pipes purchased 2,149 shares of the stock in a transaction on Tuesday, May 14th. The shares were acquired at an average cost of $278.96 per share, with a total value of $599,485.04. Following the transaction, the director now directly owns 2,149 shares in the company, valued at $599,485.04. The disclosure for this purchase can be found here. 11.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wells Fargo & Company boosted their target price on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Barclays decreased their price objective on Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Bank of America lowered Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday. Scotiabank boosted their price objective on Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a research note on Friday, July 19th. Finally, Truist Financial lowered 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Public Storage presently has an average rating of “Hold” and an average target price of $310.42.

Public Storage Price Performance

Shares of PSA traded up $2.36 during midday trading on Wednesday, reaching $315.00. The stock had a trading volume of 309,727 shares, compared to its average volume of 720,357. The company has a market capitalization of $55.35 billion, a price-to-earnings ratio of 28.74, a price-to-earnings-growth ratio of 4.57 and a beta of 0.65. Public Storage has a 12-month low of $233.18 and a 12-month high of $316.98. The company’s 50-day moving average is $290.44 and its 200 day moving average is $282.97. The company has a current ratio of 0.93, a quick ratio of 0.54 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.28 earnings per share. On average, equities analysts predict that Public Storage will post 16.77 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is presently 108.99%.

Public Storage 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.