UMB Bank n.a. Grows Stake in Public Storage $PSA

Key Points

• UMB Bank n.a. increased its stake in Public Storage (NYSE:PSA) by 33.4% in Q2, acquiring an additional 7,196 shares, bringing its total holdings to 28,748 shares valued at approximately $8.43 million.
• Public Storage reported earnings of $4.28 per share, exceeding consensus estimates, while revenue for the quarter was $1.20 billion, marking a 2.4% increase year-over-year.
• The company declared a quarterly dividend of $3.00 per share, resulting in an annualized yield of 4.3%, with a payout ratio currently at 130.86%.

UMB Bank n.a. grew its stake in Public Storage (NYSE:PSA - Free Report) by 33.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,748 shares of the real estate investment trust's stock after purchasing an additional 7,196 shares during the quarter. UMB Bank n.a.'s holdings in Public Storage were worth $8,435,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Nuveen LLC purchased a new position in shares of Public Storage in the 1st quarter valued at about $271,196,000. GAMMA Investing LLC grew its position in Public Storage by 34,827.1% during the first quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock worth $157,114,000 after buying an additional 523,452 shares during the period. Goldman Sachs Group Inc. boosted its position in Public Storage by 68.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,164,992 shares of the real estate investment trust's stock worth $348,670,000 after purchasing an additional 475,342 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Public Storage in the fourth quarter valued at $99,157,000. Finally, Vanguard Group Inc. lifted its stake in shares of Public Storage by 0.7% during the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust's stock valued at $6,206,046,000 after buying an additional 143,575 shares during the period. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analyst Weigh In

PSA has been the topic of several recent research reports. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $340.00 to $325.00 in a report on Friday, June 20th. UBS Group lowered their price target on Public Storage from $305.00 to $295.00 and set a "neutral" rating for the company in a report on Tuesday, September 16th. Evercore ISI upped their price target on shares of Public Storage from $309.00 to $312.00 and gave the stock an "in-line" rating in a research report on Monday, September 15th. Barclays decreased their price objective on Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Public Storage from $324.00 to $321.00 and set an "overweight" rating for the company in a research note on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $322.00.

Public Storage Stock Up 0.8%

Shares of NYSE:PSA traded up $2.18 during mid-day trading on Tuesday, hitting $281.85. 454,147 shares of the company traded hands, compared to its average volume of 802,309. The stock has a 50-day moving average price of $286.62 and a two-hundred day moving average price of $292.31. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 12-month low of $256.60 and a 12-month high of $369.99. The stock has a market cap of $49.45 billion, a P/E ratio of 30.70, a P/E/G ratio of 4.63 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.20 billion. During the same period in the prior year, the company posted $4.23 EPS. Public Storage's revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, equities research analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Monday, September 15th. Public Storage's dividend payout ratio is currently 130.86%.

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.