Bangor Savings Bank Sells 370 Shares of Public Storage (NYSE:PSA)

Bangor Savings Bank trimmed its holdings in shares of Public Storage (NYSE:PSA) by 6.9% in the fourth quarter, Holdings Channel.com reports. The fund 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 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in PSA. Petredis Investment Advisors LLC lifted its stake in Public Storage by 0.4% during the third quarter. Petredis Investment Advisors LLC now owns 6,862 shares of the real estate investment trust’s stock worth $2,497,000 after purchasing an additional 30 shares during the period. S.A. Mason LLC lifted its position in shares of Public Storage by 3.8% during the 3rd quarter. S.A. Mason LLC now owns 825 shares of the real estate investment trust’s stock worth $300,000 after buying an additional 30 shares during the period. Haverford Trust Co boosted its stake in Public Storage by 0.7% in the 3rd quarter. Haverford Trust Co now owns 4,282 shares of the real estate investment trust’s stock valued at $1,558,000 after buying an additional 30 shares in the last quarter. Huntington National Bank grew its position in Public Storage by 5.4% in the third quarter. Huntington National Bank now owns 645 shares of the real estate investment trust’s stock valued at $235,000 after acquiring an additional 33 shares during the period. Finally, Chesapeake Wealth Management grew its position in Public Storage by 2.2% in the third quarter. Chesapeake Wealth Management now owns 1,538 shares of the real estate investment trust’s stock valued at $560,000 after acquiring an additional 33 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on PSA shares. Truist Financial lifted their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Morgan Stanley lifted 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 decreased their price objective on shares of Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Royal Bank of Canada cut their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Finally, Evercore ISI dropped their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. One 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $342.07.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction on Friday, December 13th. The shares were 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 of the company’s stock, valued at $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 11.00% of the company’s stock.

Public Storage Stock Performance

PSA stock opened at $295.65 on Tuesday. Public Storage has a twelve month low of $256.31 and a twelve month high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap 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. The business’s fifty day moving average is $323.92 and its 200-day moving average is $325.54.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date was Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

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.