M&T Bank Corp Has $6.14 Million Stock Position in Public Storage (NYSE:PSA)

M&T Bank Corp trimmed its position in Public Storage (NYSE:PSA - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,528 shares of the real estate investment trust's stock after selling 1,229 shares during the quarter. M&T Bank Corp's holdings in Public Storage were worth $6,144,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Cohen & Steers Inc. boosted its holdings in shares of Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after buying an additional 592,944 shares during the period. Geode Capital Management LLC increased its stake in Public Storage by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock valued at $1,197,769,000 after buying an additional 78,472 shares during the period. Norges Bank acquired a new position in Public Storage in the 4th quarter valued at approximately $931,286,000. Northern Trust Corp lifted its position in Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after buying an additional 749,913 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Public Storage by 10.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust's stock worth $509,803,000 after buying an additional 158,665 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PSA has been the subject of a number of research analyst reports. Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 target price for the company in a research report on Thursday, April 10th. Bank of America increased their target price on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. 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 target price for the company. Mizuho increased their target price on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Finally, BMO Capital Markets downgraded shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and an average price target of $337.64.

Public Storage Stock Down 0.1%

Public Storage stock opened at $288.70 on Friday. The company has a market capitalization of $50.65 billion, a P/E ratio of 28.67, a P/E/G ratio of 4.18 and a beta of 0.86. Public Storage has a 1-year low of $256.60 and a 1-year high of $369.99. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The firm's fifty day simple moving average is $298.40 and its 200-day simple moving average is $296.96.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The business's quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm posted $4.03 EPS. Sell-side analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Thursday, June 12th were issued a $3.00 dividend. The ex-dividend date was Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.16%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

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.

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