Bank of New York Mellon Corp Sells 22,038 Shares of Public Storage (NYSE:PSA)

Bank of New York Mellon Corp trimmed its stake in shares of Public Storage (NYSE:PSA - Free Report) by 2.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,075,602 shares of the real estate investment trust's stock after selling 22,038 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.61% of Public Storage worth $321,917,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ameriflex Group Inc. acquired a new position in Public Storage during the 4th quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL bought a new stake in Public Storage during the 4th quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new stake in Public Storage during the 1st quarter worth approximately $36,000. Millstone Evans Group LLC bought a new stake in Public Storage during the 4th quarter worth approximately $38,000. Finally, Parvin Asset Management LLC bought a new stake in Public Storage during the 4th quarter worth approximately $38,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Down 1.5%

Shares of Public Storage stock traded down $4.42 during trading on Monday, reaching $291.90. 849,727 shares of the company traded hands, compared to its average volume of 752,398. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company has a 50 day moving average price of $298.90 and a 200-day moving average price of $297.17. The firm has a market capitalization of $51.21 billion, a PE ratio of 28.99, a P/E/G ratio of 4.29 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the company earned $4.03 EPS. Public Storage's quarterly revenue was up .1% compared to the same quarter last year. As a group, equities research analysts expect that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were given a dividend of $3.00 per share. The ex-dividend date was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.11%. Public Storage's payout ratio is presently 119.17%.

Wall Street Analyst Weigh In

PSA has been the topic of a number of research reports. Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price on the stock in a report on Thursday, April 10th. Mizuho boosted their target price on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Barclays reduced their target price on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Evercore ISI boosted their price target on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Finally, BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $337.64.

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.