Public Storage (NYSE:PSA) Shares Sold by Camden National Bank

Camden National Bank reduced its stake in shares of Public Storage (NYSE:PSA) by 2.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,187 shares of the real estate investment trust’s stock after selling 796 shares during the period. Public Storage makes up approximately 1.9% of Camden National Bank’s investment portfolio, making the stock its 15th biggest holding. Camden National Bank’s holdings in Public Storage were worth $13,167,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Public Storage by 2.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,813,136 shares of the real estate investment trust’s stock worth $1,023,080,000 after purchasing an additional 54,992 shares during the last quarter. APG Asset Management US Inc. raised its holdings in shares of Public Storage by 4.8% during the second 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. Canada Pension Plan Investment Board raised its holdings in shares of Public Storage by 8.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock worth $343,968,000 after purchasing an additional 95,080 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Public Storage by 9.7% during the second quarter. Daiwa Securities Group Inc. now owns 707,952 shares of the real estate investment trust’s stock worth $203,642,000 after purchasing an additional 62,784 shares during the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on PSA shares. Jefferies Financial Group raised their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a report on Monday, August 5th. Scotiabank raised their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Barclays cut their price objective on shares of Public Storage from $381.00 to $380.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Finally, Evercore ISI lowered their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Price Performance

Public Storage stock opened at $337.62 on Friday. The company’s 50 day simple moving average is $343.82 and its 200-day simple moving average is $316.39. The company has a market capitalization of $59.12 billion, a price-to-earnings ratio of 35.06, a price-to-earnings-growth ratio of 5.59 and a beta of 0.70. Public Storage has a 1 year low of $251.49 and a 1 year high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s payout ratio is currently 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.