OLD National Bancorp IN Acquires 3,831 Shares of Public Storage $PSA

Key Points

• OLD National Bancorp IN raised its stake in Public Storage by 12.9%, acquiring 3,831 shares to hold 33,430 shares worth $8.675 million at the end of the quarter.
• Public Storage paid a $3.00 quarterly dividend (annualized $12.00) for a yield of 3.9%, though its dividend payout ratio is elevated at 133.04%.
• Analysts have a consensus rating of Moderate Buy with a consensus price target of $308.50, and roughly 78.8% of the stock is held by institutional investors.

OLD National Bancorp IN increased its stake in shares of Public Storage (NYSE:PSA - Free Report) by 12.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,430 shares of the real estate investment trust's stock after buying an additional 3,831 shares during the quarter. OLD National Bancorp IN's holdings in Public Storage were worth $8,675,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Empowered Funds LLC increased its position in shares of Public Storage by 13.3% during the first quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust's stock valued at $954,000 after acquiring an additional 373 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in Public Storage in the second quarter worth $929,000. Nebula Research & Development LLC bought a new position in Public Storage in the 2nd quarter valued at $1,113,000. Treasurer of the State of North Carolina increased its position in shares of Public Storage by 1.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust's stock valued at $21,647,000 after purchasing an additional 1,390 shares during the last quarter. Finally, Ieq Capital LLC increased its position in shares of Public Storage by 219.8% during the 2nd quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust's stock valued at $14,140,000 after purchasing an additional 33,122 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. UBS Group lowered their target price on Public Storage from $293.00 to $276.00 and set a "neutral" rating on the stock in a research note on Thursday, January 8th. Scotiabank raised their price objective on shares of Public Storage from $319.00 to $321.00 and gave the stock a "sector outperform" rating in a report on Monday, March 23rd. Truist Financial lifted their price objective on shares of Public Storage from $315.00 to $317.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Barclays boosted their target price on shares of Public Storage from $347.00 to $352.00 and gave the company an "overweight" rating in a research note on Monday. Finally, BMO Capital Markets restated a "market perform" rating on shares of Public Storage in a research note on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Public Storage presently has a consensus rating of "Moderate Buy" and a consensus price target of $308.50.

Public Storage Trading Up 1.0%

Shares of Public Storage stock opened at $307.88 on Thursday. The company's 50-day moving average price is $293.14 and its 200-day moving average price is $284.15. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 2.05. Public Storage has a 12-month low of $256.54 and a 12-month high of $313.51. The company has a market cap of $54.04 billion, a price-to-earnings ratio of 34.11, a PEG ratio of 4.09 and a beta of 1.02.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were paid a $3.00 dividend. The ex-dividend date was Monday, March 16th. This represents a $12.00 annualized dividend and a yield of 3.9%. Public Storage's dividend payout ratio is currently 133.04%.

Public Storage Company Profile

Public Storage NYSE: PSA is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company's core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.

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