Bank of New York Mellon Corp Sells 5,363 Shares of Public Storage $PSA

Key Points

• Bank of New York Mellon trimmed its Public Storage stake slightly in the first quarter, selling 5,363 shares and leaving it with 1,001,676 shares valued at about $271.3 million.
• Public Storage continues to see significant institutional ownership, with 78.79% of the stock held by institutions and hedge funds. Several large investors, including Vanguard and Capital International Investors, also made sizable additions to their positions.
• Analyst sentiment is mixed but generally cautious: Public Storage has a “Hold” consensus rating and an average price target of $325.37, while the company recently reported earnings that beat estimates and paid a quarterly dividend of $3.00 per share.

Bank of New York Mellon Corp decreased its position in shares of Public Storage (NYSE:PSA - Free Report) by 0.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,001,676 shares of the real estate investment trust's stock after selling 5,363 shares during the period. Bank of New York Mellon Corp owned 0.57% of Public Storage worth $271,334,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Public Storage by 9.9% during the 4th 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 buying an additional 2,274,397 shares in the last quarter. Norges Bank acquired a new position in Public Storage during the 4th quarter valued at approximately $1,163,751,000. Capital International Investors raised its holdings 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 worth $1,073,032,000 after buying an additional 3,686,211 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Public Storage by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,089,143 shares of the real estate investment trust's stock worth $1,056,976,000 after buying an additional 66,445 shares during the last quarter. Finally, Cohen & Steers Inc. lifted its stake in shares of Public Storage by 9.3% during the fourth quarter. Cohen & Steers Inc. now owns 3,993,623 shares of the real estate investment trust's stock worth $1,036,375,000 after buying an additional 339,882 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the topic of several research reports. Truist Financial upped their target price on Public Storage from $302.00 to $338.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. BMO Capital Markets boosted their price target 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. BNP Paribas Exane increased their price objective on Public Storage from $331.00 to $335.00 and gave the company an "outperform" rating in a report on Friday, May 22nd. Wall Street Zen upgraded Public Storage from a "sell" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Public Storage from $291.00 to $338.00 and gave the stock a "neutral" rating in a report on Thursday, June 11th. Seven analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Public Storage has an average rating of "Hold" and a consensus price target of $325.37.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 950 shares of Public Storage stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $324.81, for a total transaction of $308,569.50. Following the completion of the sale, the insider directly owned 1,414 shares in the company, valued at $459,281.34. This trade represents a 40.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 11.10% of the company's stock.

Public Storage Stock Performance

Shares of PSA stock opened at $318.33 on Friday. The stock has a market cap of $55.88 billion, a PE ratio of 32.85, a price-to-earnings-growth ratio of 4.36 and a beta of 0.96. The business has a 50-day simple moving average of $314.27 and a 200-day simple moving average of $297.92. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 2.02. Public Storage has a 52-week low of $256.54 and a 52-week high of $331.79.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Monday, April 27th. The real estate investment trust reported $2.71 EPS for the quarter, topping the consensus estimate of $2.42 by $0.29. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company earned $4.12 earnings per share. Public Storage's revenue for the quarter was down .1% compared to the same quarter last year. Public Storage has set its FY 2026 guidance at 16.350-17.000 EPS. On average, equities analysts expect that Public Storage will post 16.94 EPS for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $12.00 annualized dividend and a dividend yield of 3.8%. Public Storage's payout ratio is presently 123.84%.

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.

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