Hancock Whitney Corp Sells 104 Shares of Public Storage (NYSE:PSA)

Hancock Whitney Corp cut its stake in Public Storage (NYSE:PSA) by 2.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,280 shares of the real estate investment trust’s stock after selling 104 shares during the period. Hancock Whitney Corp’s holdings in Public Storage were worth $1,231,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Alaethes Wealth LLC raised its position in Public Storage by 9.2% in the 2nd quarter. Alaethes Wealth LLC now owns 3,517 shares of the real estate investment trust’s stock worth $1,012,000 after purchasing an additional 295 shares during the last quarter. Westwood Holdings Group Inc. increased its stake in shares of Public Storage by 6.3% in the 2nd quarter. Westwood Holdings Group Inc. now owns 79,038 shares of the real estate investment trust’s stock valued at $22,735,000 after buying an additional 4,655 shares during the period. Summit Trail Advisors LLC raised its position in shares of Public Storage by 20.7% during the second quarter. Summit Trail Advisors LLC now owns 1,343 shares of the real estate investment trust’s stock worth $386,000 after acquiring an additional 230 shares during the last quarter. Chesapeake Wealth Management raised its position in shares of Public Storage by 8.0% during the second quarter. Chesapeake Wealth Management now owns 1,505 shares of the real estate investment trust’s stock worth $433,000 after acquiring an additional 111 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in shares of Public Storage by 1.6% during the second quarter. Sei Investments Co. now owns 274,471 shares of the real estate investment trust’s stock valued at $78,952,000 after acquiring an additional 4,204 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Evercore ISI lifted their price objective on Public Storage from $334.00 to $343.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Wells Fargo & Company lifted their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada initiated coverage on shares of Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 target price for the company. Finally, Scotiabank increased their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $339.08.

Public Storage Stock Performance

PSA stock opened at $361.72 on Monday. Public Storage has a 1-year low of $233.18 and a 1-year high of $366.29. The business’s 50-day moving average price is $326.92 and its two-hundred day moving average price is $295.83. The firm has a market cap of $63.56 billion, a PE ratio of 32.85, a P/E/G ratio of 5.12 and a beta of 0.67. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. Public Storage’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.28 earnings per share. As a group, research analysts forecast that Public Storage will post 16.73 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.32%. Public Storage’s dividend payout ratio is currently 108.99%.

Public Storage 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.