Montecito Bank & Trust Invests $1.04 Million in Public Storage $PSA

Montecito Bank & Trust bought a new position in Public Storage (NYSE:PSA) in the 3rd quarter, Holdings Channel.com reports. The firm bought 3,612 shares of the real estate investment trust’s stock, valued at approximately $1,043,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Public Storage by 0.4% during the second quarter. Vanguard Group Inc. now owns 20,815,476 shares of the real estate investment trust’s stock worth $6,107,677,000 after purchasing an additional 79,580 shares during the last quarter. State Street Corp raised its holdings in shares of Public Storage by 1.2% during the 2nd quarter. State Street Corp now owns 10,613,807 shares of the real estate investment trust’s stock valued at $3,114,303,000 after buying an additional 126,113 shares in the last quarter. Norges Bank bought a new stake in Public Storage in the 2nd quarter worth approximately $1,153,971,000. JPMorgan Chase & Co. boosted its stake in Public Storage by 3.4% in the second quarter. JPMorgan Chase & Co. now owns 3,157,067 shares of the real estate investment trust’s stock worth $926,357,000 after buying an additional 103,965 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Public Storage by 3.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,924,395 shares of the real estate investment trust’s stock worth $857,674,000 after buying an additional 87,918 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analyst Upgrades and Downgrades

PSA has been the topic of several research reports. Royal Bank Of Canada decreased their price target on shares of Public Storage from $309.00 to $307.00 and set a “sector perform” rating on the stock in a research note on Friday, October 31st. BMO Capital Markets decreased their target price on shares of Public Storage from $325.00 to $320.00 and set a “market perform” rating on the stock in a research report on Monday, November 24th. Morgan Stanley started coverage on shares of Public Storage in a research report on Friday, December 5th. They set an “equal weight” rating and a $290.00 price target for the company. Truist Financial reduced their price objective on Public Storage from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, November 25th. Finally, Evercore ISI lowered their target price on Public Storage from $315.00 to $309.00 and set an “in-line” rating for the company in a research note on Monday, December 1st. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $319.87.

Public Storage Price Performance

PSA stock opened at $261.57 on Friday. The stock has a market capitalization of $45.90 billion, a price-to-earnings ratio of 27.16, a PEG ratio of 5.72 and a beta of 1.01. The firm’s 50-day moving average price is $281.09 and its two-hundred day moving average price is $286.77. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 1.99. Public Storage has a 12-month low of $256.60 and a 12-month high of $322.49.

Public Storage (NYSE:PSA) last posted its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.07. Public Storage had a return on equity of 36.09% and a net margin of 39.53%.The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Public Storage’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the firm earned $4.20 earnings per share. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. As a group, equities analysts predict that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $12.00 annualized dividend and a dividend yield of 4.6%. Public Storage’s payout ratio is 124.61%.

Public Storage Company 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.