Heartland Bank & Trust Co Sells 51 Shares of Public Storage (NYSE:PSA)

Heartland Bank & Trust Co reduced its stake in Public Storage (NYSE:PSA) by 3.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,408 shares of the real estate investment trust’s stock after selling 51 shares during the period. Heartland Bank & Trust Co’s holdings in Public Storage were worth $422,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Public Storage by 732.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock worth $561,763,000 after purchasing an additional 1,358,493 shares during the period. Adelante Capital Management LLC lifted its holdings in shares of Public Storage by 389.9% in the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock valued at $532,465,000 after purchasing an additional 1,164,630 shares in the last quarter. FMR LLC raised its position in Public Storage by 20.9% in the 3rd quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after buying an additional 869,066 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Public Storage by 57.3% during the third quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after purchasing an additional 405,847 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Public Storage by 80.0% in the third quarter. BNP Paribas Financial Markets now owns 218,867 shares of the real estate investment trust’s stock valued at $79,639,000 after acquiring an additional 97,302 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.00% of the stock is currently owned by insiders.

Public Storage Stock Performance

PSA opened at $292.04 on Monday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The company has a fifty day moving average of $312.93 and a 200 day moving average of $326.07. The stock has a market capitalization of $51.14 billion, a price-to-earnings ratio of 30.33, a PEG ratio of 4.68 and a beta of 0.74.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend was Friday, December 13th. Public Storage’s payout ratio is 124.61%.

Analyst Ratings Changes

PSA has been the subject of a number of research reports. Barclays reduced their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “sell” rating to a “hold” rating and raised their price objective for the stock from $298.00 to $299.00 in a report on Friday, January 10th. Wells Fargo & Company dropped their target price on Public Storage from $375.00 to $365.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Evercore ISI reduced their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Finally, Royal Bank of Canada dropped their price objective on 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. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and a consensus price target of $344.54.

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.