OLD National Bancorp IN Has $6.16 Million Stock Holdings in Public Storage $PSA

Key Points

• OLD National Bancorp IN has reduced its holdings in Public Storage (NYSE:PSA) by 7.8%, owning 20,994 shares valued at approximately $6.16 million as of the latest reporting period.
• Public Storage reported $4.28 earnings per share (EPS) for its last quarter, exceeding analyst estimates, with revenue of $1.20 billion, reflecting a 2.4% year-over-year increase.
• The company recently declared a $3.00 quarterly dividend, translating to a 4.1% yield on an annualized basis, though its dividend payout ratio currently stands at a high 130.86%.

OLD National Bancorp IN reduced its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 7.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,994 shares of the real estate investment trust's stock after selling 1,788 shares during the period. OLD National Bancorp IN's holdings in Public Storage were worth $6,160,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Marshall & Sullivan Inc. WA bought a new stake in shares of Public Storage in the 2nd quarter valued at approximately $25,000. Spectrum Wealth Counsel LLC acquired a new stake in Public Storage in the 1st quarter valued at $30,000. Opal Wealth Advisors LLC acquired a new stake in Public Storage in the 1st quarter valued at $36,000. Wayfinding Financial LLC bought a new stake in Public Storage in the first quarter valued at $41,000. Finally, Winch Advisory Services LLC raised its stake in Public Storage by 39.8% during the first quarter. Winch Advisory Services LLC now owns 151 shares of the real estate investment trust's stock worth $45,000 after acquiring an additional 43 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of Public Storage stock opened at $293.74 on Monday. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The firm has a market cap of $51.54 billion, a P/E ratio of 32.03, a P/E/G ratio of 4.87 and a beta of 0.89. The firm has a 50 day simple moving average of $286.68 and a 200 day simple moving average of $291.43. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $355.87.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.23 by $0.05. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.The business's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.23 EPS. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. Sell-side analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Monday, September 15th. Public Storage's dividend payout ratio (DPR) is presently 130.86%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Royal Bank Of Canada reduced their target price on shares of Public Storage from $328.00 to $309.00 and set a "sector perform" rating on the stock in a research note on Friday, August 1st. BNP Paribas Exane assumed coverage on shares of Public Storage in a research note on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective on the stock. BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their target price for the company from $340.00 to $325.00 in a research note on Friday, June 20th. UBS Group reduced their target price on Public Storage from $305.00 to $295.00 and set a "neutral" rating on the stock in a report on Tuesday, September 16th. Finally, Wells Fargo & Company dropped their price target on Public Storage from $330.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $322.92.

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.

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