M&T Bank Corp Trims Position in Public Storage (NYSE:PSA)

M&T Bank Corp lowered its position in shares of Public Storage (NYSE:PSA - Free Report) by 5.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Public Storage by 12.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock valued at $13,240,000 after buying an additional 4,746 shares during the last quarter. Brighton Jones LLC raised its position in shares of Public Storage by 9.7% during the first quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock valued at $517,000 after buying an additional 152 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Public Storage by 1.2% during the first quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock valued at $92,960,000 after buying an additional 3,627 shares during the last quarter. Private Trust Co. NA increased its position in Public Storage by 228.1% in the first quarter. Private Trust Co. NA now owns 2,139 shares of the real estate investment trust's stock worth $640,000 after purchasing an additional 1,487 shares during the last quarter. Finally, Summit Trail Advisors LLC increased its position in Public Storage by 43.3% in the first quarter. Summit Trail Advisors LLC now owns 3,619 shares of the real estate investment trust's stock worth $1,083,000 after purchasing an additional 1,093 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Stock Performance

Shares of NYSE PSA traded down $0.03 during midday trading on Friday, reaching $288.81. 1,425,643 shares of the stock were exchanged, compared to its average volume of 761,280. The firm has a market cap of $50.67 billion, a price-to-earnings ratio of 28.68, a PEG ratio of 4.18 and a beta of 0.86. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The firm has a 50-day simple moving average of $298.40 and a two-hundred day simple moving average of $296.96. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly 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 firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter last year, the company earned $4.03 EPS. The firm's revenue for the quarter was up .1% compared to the same quarter last year. As a group, analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were issued a dividend of $3.00 per share. The ex-dividend date was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.15%. Public Storage's dividend payout ratio is presently 119.17%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Scotiabank boosted their price target on shares of Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research report on Monday, May 12th. BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. 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. Bank of America boosted their price target 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. Finally, Barclays reduced 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 research 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 company. According to MarketBeat.com, the company has a consensus 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.