OLD National Bancorp IN Has $8.55 Million Stock Position in Public Storage $PSA

OLD National Bancorp IN grew its holdings in Public Storage (NYSE:PSA) by 41.0% in the third quarter, HoldingsChannel reports. The fund owned 29,599 shares of the real estate investment trust’s stock after buying an additional 8,605 shares during the period. OLD National Bancorp IN’s holdings in Public Storage were worth $8,550,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Marshall & Sullivan Inc. WA bought a new stake in Public Storage in the 2nd quarter valued at about $25,000. Harbor Asset Planning Inc. acquired a new stake in Public Storage in the second quarter valued at approximately $25,000. Asset Dedication LLC grew its stake in shares of Public Storage by 111.1% during the second quarter. Asset Dedication LLC now owns 95 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 50 shares during the last quarter. NewSquare Capital LLC increased its holdings in shares of Public Storage by 60.6% during the second quarter. NewSquare Capital LLC now owns 106 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 40 shares in the last quarter. Finally, SouthState Corp lifted its stake in shares of Public Storage by 209.4% in the 2nd quarter. SouthState Corp now owns 164 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 111 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Price Performance

Shares of PSA opened at $261.19 on Tuesday. The business has a 50-day moving average of $279.62 and a 200-day moving average of $285.91. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.45 and a quick ratio of 0.45. The company has a market capitalization of $45.83 billion, a price-to-earnings ratio of 27.12, a price-to-earnings-growth ratio of 5.55 and a beta of 1.01. Public Storage has a 1 year low of $256.60 and a 1 year high of $322.49.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, beating 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 business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the prior year, the business posted $4.20 earnings per share. The firm’s revenue was down 5.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. As a group, equities research analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Morgan Stanley initiated coverage on Public Storage in a research report on Friday, December 5th. They set an “equal weight” rating and a $290.00 price objective on the stock. Evercore ISI reduced their price target on Public Storage from $315.00 to $309.00 and set an “in-line” rating on the stock in a report on Monday, December 1st. Scotiabank lowered their price objective on Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 28th. Royal Bank Of Canada cut their target price on shares of Public Storage from $309.00 to $307.00 and set a “sector perform” rating on the stock in a research report on Friday, October 31st. Finally, Wall Street Zen raised shares of Public Storage from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $319.87.

About Public Storage

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.