Tompkins Financial Corp Buys 618 Shares of Public Storage (NYSE:PSA)

Tompkins Financial Corp boosted its stake in shares of Public Storage (NYSE:PSA) by 2.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 24,533 shares of the real estate investment trust’s stock after purchasing an additional 618 shares during the period. Tompkins Financial Corp’s holdings in Public Storage were worth $8,927,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new stake in Public Storage in the second quarter worth about $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage in the second quarter worth approximately $36,000. Crewe Advisors LLC purchased a new stake in Public Storage during the first quarter worth $39,000. EdgeRock Capital LLC bought a new stake in Public Storage during the 2nd quarter valued at $39,000. Finally, LRI Investments LLC purchased a new position in shares of Public Storage in the 1st quarter valued at $40,000. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

PSA stock traded up $6.29 during trading on Friday, hitting $339.42. The stock had a trading volume of 611,198 shares, compared to its average volume of 716,600. The stock has a market capitalization of $59.44 billion, a P/E ratio of 35.25, a PEG ratio of 4.58 and a beta of 0.70. The company’s 50-day moving average price is $346.94 and its two-hundred day moving average price is $311.34. Public Storage has a twelve month low of $241.60 and a twelve month high of $369.99. 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 Dividend Announcement

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

Analyst Upgrades and Downgrades

PSA has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company cut their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a report on Tuesday. Royal Bank of Canada reduced their target price on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday. Citigroup increased their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Wolfe Research raised Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $339.71.

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.