Public Storage (NYSE:PSA) Shares Sold by First National Bank of Mount Dora Trust Investment Services

First National Bank of Mount Dora Trust Investment Services lessened its holdings in Public Storage (NYSE:PSA - Free Report) by 91.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,029 shares of the real estate investment trust's stock after selling 11,257 shares during the period. First National Bank of Mount Dora Trust Investment Services' holdings in Public Storage were worth $308,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of PSA. Norges Bank acquired a new stake in Public Storage in the 4th quarter valued at approximately $931,286,000. Northern Trust Corp grew its stake in shares of Public Storage by 43.4% in the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock valued at $741,592,000 after buying an additional 749,913 shares in the last quarter. Cohen & Steers Inc. grew its stake in shares of Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after buying an additional 592,944 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Public Storage by 34,827.1% in the 1st quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock valued at $157,114,000 after buying an additional 523,452 shares during the period. Finally, Deutsche Bank AG lifted its stake in Public Storage by 44.6% during the 4th quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock worth $421,538,000 after acquiring an additional 433,918 shares in the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Stock Performance

NYSE PSA traded down $3.92 on Wednesday, reaching $300.10. The stock had a trading volume of 644,356 shares, compared to its average volume of 745,815. The stock has a market cap of $52.65 billion, a P/E ratio of 31.16, a price-to-earnings-growth ratio of 4.91 and a beta of 0.89. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The business's 50-day moving average price is $295.79 and its 200 day moving average price is $301.91. 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 (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.18 billion. Public Storage had a net margin of 40.54% and a return on equity of 34.07%. Public Storage's quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.03 EPS. As a group, equities analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be given a $3.00 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.00%. Public Storage's payout ratio is currently 119.17%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Scotiabank boosted their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Royal Bank of Canada cut their target price on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Barclays decreased their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Bank of America boosted their price target on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Finally, Evercore ISI increased their price objective on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of "Moderate Buy" and a consensus price target of $339.25.

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.