Camden National Bank Sells 444 Shares of Public Storage (NYSE:PSA)

Camden National Bank cut its position in shares of Public Storage (NYSE:PSA) by 1.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 35,743 shares of the real estate investment trust’s stock after selling 444 shares during the period. Public Storage comprises 1.6% of Camden National Bank’s portfolio, making the stock its 23rd biggest holding. Camden National Bank’s holdings in Public Storage were worth $10,703,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSA. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Public Storage by 69.7% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 262,298 shares of the real estate investment trust’s stock worth $83,090,000 after acquiring an additional 107,699 shares in the last quarter. Machina Capital S.A.S. acquired a new position in Public Storage during the fourth quarter worth $271,000. Aviance Capital Partners LLC grew its position in Public Storage by 16.4% in the fourth quarter. Aviance Capital Partners LLC now owns 710 shares of the real estate investment trust’s stock valued at $213,000 after purchasing an additional 100 shares in the last quarter. Andra AP fonden increased its stake in Public Storage by 39.8% in the 4th quarter. Andra AP fonden now owns 62,900 shares of the real estate investment trust’s stock valued at $18,835,000 after buying an additional 17,900 shares during the last quarter. Finally, BBR Partners LLC bought a new stake in Public Storage during the 4th quarter worth about $403,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Royal Bank of Canada decreased their price objective on Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft upgraded Public Storage from a “sell” rating to a “hold” rating and raised their price target for the company from $298.00 to $299.00 in a research note on Friday, January 10th. Wells Fargo & Company dropped their price objective on Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Truist Financial increased their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Barclays lowered their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $340.23.

Public Storage Price Performance

NYSE:PSA opened at $313.99 on Friday. The company has a market cap of $55.08 billion, a P/E ratio of 32.61, a P/E/G ratio of 4.91 and a beta of 0.73. The firm’s fifty day moving average price is $299.31 and its two-hundred day moving average price is $324.77. Public Storage has a one year low of $256.31 and a one year high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.97.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

Insider Activity at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the completion of the sale, the insider now owns 2,364 shares in the company, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 11.00% of the stock is owned by company insiders.

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.