Burke & Herbert Bank & Trust Co. Cuts Position in Public Storage (NYSE:PSA)

Burke & Herbert Bank & Trust Co. cut its stake in Public Storage (NYSE:PSA) by 15.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,173 shares of the real estate investment trust’s stock after selling 221 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Public Storage were worth $342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Arbor Capital Management Inc. ADV grew its position in Public Storage by 0.9% in the 4th quarter. Arbor Capital Management Inc. ADV now owns 4,159 shares of the real estate investment trust’s stock worth $1,129,000 after purchasing an additional 36 shares during the period. Gryphon Financial Partners LLC grew its position in shares of Public Storage by 2.3% during the 1st quarter. Gryphon Financial Partners LLC now owns 1,627 shares of the real estate investment trust’s stock valued at $492,000 after acquiring an additional 36 shares during the period. Kinneret Advisory LLC grew its position in shares of Public Storage by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 1,678 shares of the real estate investment trust’s stock valued at $655,000 after acquiring an additional 37 shares during the period. Flputnam Investment Management Co. grew its position in shares of Public Storage by 4.6% during the 1st quarter. Flputnam Investment Management Co. now owns 859 shares of the real estate investment trust’s stock valued at $260,000 after acquiring an additional 38 shares during the period. Finally, Windham Capital Management LLC grew its position in shares of Public Storage by 4.6% during the 1st quarter. Windham Capital Management LLC now owns 856 shares of the real estate investment trust’s stock valued at $259,000 after acquiring an additional 38 shares during the period. 78.75% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PSA has been the topic of a number of analyst reports. Stifel Nicolaus lowered their target price on shares of Public Storage from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, September 13th. JPMorgan Chase & Co. lowered their target price on shares of Public Storage from $338.00 to $324.00 in a research note on Tuesday, June 13th. StockNews.com initiated coverage on shares of Public Storage in a research note on Wednesday, August 23rd. They set a “hold” rating on the stock. Finally, Truist Financial lowered their target price on shares of Public Storage from $320.00 to $305.00 and set a “buy” rating on the stock in a research note on Tuesday, August 29th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $317.20.

Public Storage Price Performance

PSA stock traded down $3.34 during mid-day trading on Monday, hitting $270.77. The company had a trading volume of 163,775 shares, compared to its average volume of 950,899. The company has a market capitalization of $47.61 billion, a price-to-earnings ratio of 11.87, a P/E/G ratio of 3.45 and a beta of 0.46. Public Storage has a 12-month low of $266.01 and a 12-month high of $316.48. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 1.19. The company has a 50-day moving average price of $282.27 and a 200 day moving average price of $288.52.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Wednesday, September 13th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.43%. The ex-dividend date of this dividend is Tuesday, September 12th. Public Storage’s payout ratio is currently 51.97%.

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 June 30, 2023, we had: (i) interests in 2,888 self-storage facilities located in 40 states with approximately 206 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 266 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.