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

Bank of New York Mellon Corp lessened its stake in Public Storage (NYSE:PSA - Free Report) by 2.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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 0.61% of Public Storage worth $321,917,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC boosted its holdings in Public Storage by 23.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,895 shares of the real estate investment trust's stock worth $1,466,000 after purchasing an additional 939 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in Public Storage in the fourth quarter valued at $221,000. Raymond James Financial Inc. acquired a new stake in Public Storage in the fourth quarter valued at $56,164,000. Vestmark Advisory Solutions Inc. lifted its stake in Public Storage by 17.3% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 2,126 shares of the real estate investment trust's stock valued at $637,000 after acquiring an additional 314 shares during the last quarter. Finally, Candriam S.C.A. lifted its stake in Public Storage by 18.9% in the fourth quarter. Candriam S.C.A. now owns 17,238 shares of the real estate investment trust's stock valued at $5,162,000 after acquiring an additional 2,737 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on PSA shares. Evercore ISI increased their price target on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Scotiabank increased their price objective on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research report on Monday, May 12th. BNP Paribas Exane initiated coverage on shares of Public Storage in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective on the stock. BNP Paribas raised shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Barclays lowered their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $337.64.

Public Storage Trading Down 0.3%

NYSE:PSA traded down $0.97 during mid-day trading on Tuesday, hitting $290.98. 1,109,558 shares of the company's stock were exchanged, compared to its average volume of 753,823. The company has a 50 day simple moving average of $298.91 and a 200-day simple moving average of $297.13. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $369.99. The firm has a market capitalization of $51.05 billion, a P/E ratio of 28.90, a PEG ratio of 4.29 and a beta of 0.86.

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

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.12%. The ex-dividend date was Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

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.