Bangor Savings Bank Has $1.50 Million Holdings in Public Storage (NYSE:PSA)

Bangor Savings Bank trimmed its stake in Public Storage (NYSE:PSA) by 6.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,998 shares of the real estate investment trust’s stock after selling 370 shares during the quarter. Bangor Savings Bank’s holdings in Public Storage were worth $1,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. State Street Corp boosted its stake in shares of Public Storage by 0.5% during the 3rd quarter. State Street Corp now owns 10,370,658 shares of the real estate investment trust’s stock valued at $3,773,571,000 after buying an additional 55,123 shares during the period. FMR LLC boosted its position in Public Storage by 20.9% during the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after purchasing an additional 869,066 shares during the last quarter. Geode Capital Management LLC grew its stake in Public Storage by 1.4% in the third quarter. Geode Capital Management LLC now owns 3,931,572 shares of the real estate investment trust’s stock valued at $1,425,941,000 after purchasing an additional 52,807 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Public Storage by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock valued at $1,023,080,000 after purchasing an additional 54,992 shares in the last quarter. Finally, APG Asset Management US Inc. increased its position in Public Storage by 4.8% in the 2nd quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock worth $623,485,000 after purchasing an additional 100,000 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now directly owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 11.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Evercore ISI lowered their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Morgan Stanley boosted 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. Royal Bank of Canada dropped their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Truist Financial lifted their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, December 5th. Finally, Jefferies Financial Group increased their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $342.07.

Public Storage Trading Down 1.6 %

Shares of PSA stock opened at $295.65 on Tuesday. The firm has a market capitalization of $51.77 billion, a P/E ratio of 30.70, a price-to-earnings-growth ratio of 5.29 and a beta of 0.74. Public Storage has a 1 year low of $256.31 and a 1 year high of $369.99. The firm’s fifty day simple moving average is $323.92 and its 200 day simple moving average is $325.54. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 4.06%. Public Storage’s payout ratio 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.