1,010,960 Shares in Public Storage $PSA Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 1,010,960 Public Storage shares worth approximately $321.8 million, giving it a 0.58% stake. Institutional investors and hedge funds collectively own 78.79% of PSA.
• Analyst sentiment remains cautious, with seven Buy ratings and fourteen Hold ratings, producing a consensus rating of Hold and an average price target of $326.16.
• Public Storage reported quarterly EPS of $4.17, well above the $2.53 analyst estimate, while revenue was $1.23 billion. The company also declared a quarterly dividend of $3.00 per share, representing a 3.7% annualized yield.

Bank of New York Mellon Corp bought a new stake in Public Storage (NYSE:PSA - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,010,960 shares of the real estate investment trust's stock, valued at approximately $321,799,000. Bank of New York Mellon Corp owned about 0.58% of Public Storage as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in Public Storage during the fourth quarter valued at approximately $1,163,751,000. Capital International Investors boosted its position in shares of Public Storage by 821.4% in the fourth quarter. Capital International Investors now owns 4,134,996 shares of the real estate investment trust's stock valued at $1,073,032,000 after acquiring an additional 3,686,211 shares during the period. Vanguard Group Inc. boosted its position in shares of Public Storage by 9.9% in the fourth quarter. Vanguard Group Inc. now owns 25,343,098 shares of the real estate investment trust's stock valued at $6,576,534,000 after acquiring an additional 2,274,397 shares during the period. First Trust Advisors LP grew its stake in shares of Public Storage by 287.7% in the fourth quarter. First Trust Advisors LP now owns 721,588 shares of the real estate investment trust's stock worth $187,252,000 after acquiring an additional 535,465 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Public Storage by 498.7% in the second quarter. AQR Capital Management LLC now owns 578,491 shares of the real estate investment trust's stock worth $166,970,000 after acquiring an additional 481,872 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on PSA. The Goldman Sachs Group reissued a "buy" rating and set a $341.00 target price on shares of Public Storage in a research report on Wednesday, April 29th. BNP Paribas Exane boosted their price objective on Public Storage from $331.00 to $335.00 and gave the company an "outperform" rating in a research report on Friday, May 22nd. Scotiabank upped their target price on Public Storage from $345.00 to $346.00 and gave the company an "outperform" rating in a research note on Tuesday. Weiss Ratings upgraded shares of Public Storage from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, June 12th. Finally, Raymond James Financial assumed coverage on shares of Public Storage in a research note on Thursday, July 16th. They issued a "market perform" rating on the stock. Seven equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $326.16.

Insider Buying and Selling at Public Storage

In related news, insider Nathaniel A. Vitan sold 1,414 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $327.53, for a total value of $463,127.42. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 11.10% of the stock is currently owned by company insiders.

Public Storage Trading Up 0.0%

PSA opened at $322.76 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. The stock has a market capitalization of $56.68 billion, a PE ratio of 30.80, a PEG ratio of 3.80 and a beta of 0.96. Public Storage has a 1-year low of $256.54 and a 1-year high of $335.55. The firm has a 50-day moving average price of $322.35 and a two-hundred day moving average price of $306.22.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, July 29th. The real estate investment trust reported $4.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.53 by $1.64. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.23 billion. Public Storage had a net margin of 41.80% and a return on equity of 40.98%. Public Storage's quarterly revenue was down .5% on a year-over-year basis. During the same period in the prior year, the business earned $4.28 earnings per share. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. As a group, equities analysts anticipate that Public Storage will post 16.93 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be given a dividend of $3.00 per share. The ex-dividend date is Tuesday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 3.7%. Public Storage's dividend payout ratio is presently 114.50%.

Public Storage Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source