Huntington National Bank Acquires 33 Shares of Public Storage (NYSE:PSA)

Huntington National Bank increased its holdings in shares of Public Storage (NYSE:PSA) by 5.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 645 shares of the real estate investment trust’s stock after acquiring an additional 33 shares during the quarter. Huntington National Bank’s holdings in Public Storage were worth $235,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of PSA. Intech Investment Management LLC lifted its position in shares of Public Storage by 91.5% during the 1st quarter. Intech Investment Management LLC now owns 3,743 shares of the real estate investment trust’s stock valued at $1,086,000 after acquiring an additional 1,788 shares during the period. Trustmark National Bank Trust Department bought a new stake in Public Storage during the first quarter worth about $204,000. O Shaughnessy Asset Management LLC grew its stake in Public Storage by 18.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 11,649 shares of the real estate investment trust’s stock worth $3,379,000 after buying an additional 1,819 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Public Storage by 0.3% in the 1st quarter. Clearbridge Investments LLC now owns 863,999 shares of the real estate investment trust’s stock valued at $250,612,000 after buying an additional 2,971 shares during the period. Finally, Lake Street Advisors Group LLC acquired a new position in shares of Public Storage in the 1st quarter valued at approximately $248,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analysts Forecast Growth

PSA has been the topic of several analyst reports. Jefferies Financial Group increased their price target 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. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. Royal Bank of Canada lowered their price target on Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Scotiabank raised their price objective on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Finally, Morgan Stanley boosted their target price on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Price Performance

PSA stock opened at $335.01 on Monday. The company has a market capitalization of $58.66 billion, a P/E ratio of 34.79, a PEG ratio of 5.57 and a beta of 0.70. The company has a fifty day moving average price of $345.99 and a 200-day moving average price of $314.64. 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 has a 52-week low of $251.49 and a 52-week high of $369.99.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend 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.