Bank of America Corp DE Invests $333.06 Million in Public Storage $PSA

Key Points

• Bank of America bought a new $333.1 million stake in Public Storage during the second quarter, acquiring 1.05 million shares and owning approximately 0.60% of the REIT. Institutional investors collectively hold 78.79% of the company.
• Public Storage reported quarterly EPS of $4.17, well above the $2.53 consensus estimate, while revenue totaled $1.23 billion, down 0.5% year over year. The company reaffirmed fiscal 2026 EPS guidance of $16.75 to $17.05.
• The company declared a quarterly dividend of $3.00 per share, equivalent to $12.00 annually and a 4.1% yield. Despite seven Buy ratings, the analyst consensus remains Hold, with an average price target of $327.05.

Bank of America Corp DE bought a new stake in shares of Public Storage (NYSE:PSA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,046,348 shares of the real estate investment trust's stock, valued at approximately $333,063,000. Bank of America Corp DE owned 0.60% of Public Storage as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blodgett Wealth Advisors LLC purchased a new stake in Public Storage in the second quarter worth about $414,000. Caisse de depot et placement du Quebec purchased a new position in shares of Public Storage during the 2nd quarter worth approximately $65,345,000. First Bancorp Inc ME purchased a new position in shares of Public Storage during the 2nd quarter worth approximately $123,000. Jupiter Topco LLC bought a new position in shares of Public Storage in the 2nd quarter worth approximately $69,461,000. Finally, Hsbc Holdings PLC bought a new position in shares of Public Storage in the 2nd quarter worth approximately $195,808,000. Institutional investors own 78.79% of the company's stock.

Public Storage Price Performance

PSA stock opened at $295.03 on Thursday. The firm has a 50 day moving average price of $316.17 and a 200-day moving average price of $307.58. Public Storage has a 52-week low of $256.54 and a 52-week high of $335.55. The firm has a market capitalization of $51.81 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 4.04 and a beta of 0.95. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.66 and a current ratio of 0.66.

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

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 6th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $3.00 per share. The ex-dividend date is Tuesday, September 15th. This represents a $12.00 annualized dividend and a dividend yield of 4.1%. Public Storage's dividend payout ratio (DPR) is presently 114.50%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. BMO Capital Markets raised their target price on Public Storage from $305.00 to $340.00 and gave the company a "market perform" rating in a research note on Monday, June 15th. Mizuho upped their price target on Public Storage from $316.00 to $319.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 2nd. BNP Paribas Exane increased their price objective on Public Storage from $331.00 to $335.00 and gave the stock an "outperform" rating in a report on Friday, May 22nd. Wells Fargo & Company set a $311.00 price objective on Public Storage in a research report on Tuesday, September 1st. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Public Storage in a report on Wednesday, September 9th. Seven analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. According to MarketBeat.com, Public Storage has a consensus rating of "Hold" and a consensus price target of $327.05.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 1,414 shares of Public Storage stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $327.53, for a total value of $463,127.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.10% of the stock is currently owned by corporate insiders.

About Public Storage

Public Storage is a real estate investment trust that owns, operates and develops self-storage facilities in the United States. The company provides customers with storage units for household goods, business inventory, vehicles and other personal or commercial belongings.

Its facilities offer a range of unit sizes and may include features such as drive-up access, climate-controlled storage, electronic gate access and online account management. Public Storage also provides related services, including tenant insurance options and moving and packing supplies at select locations.

Founded in 1972 and headquartered in Glendale, California, Public Storage serves customers through a nationwide network of self-storage properties.

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