Public Storage $PSA Shares Acquired by M&T Bank Corp

Key Points

• M&T Bank Corp boosted its position in Public Storage by 211.1% in Q4, adding 9,873 shares to hold 14,549 shares worth $3.775 million.
• Public Storage recently paid a quarterly dividend of $3.00 (annualized $12.00), reflecting a 3.9% yield133.04%.
• Wall Street's consensus is a Moderate Buy with an average target of $308.50; the company has a market capitalization of $54.16 billion and a P/E of 34.21.

M&T Bank Corp boosted its position in shares of Public Storage (NYSE:PSA - Free Report) by 211.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,549 shares of the real estate investment trust's stock after purchasing an additional 9,873 shares during the period. M&T Bank Corp's holdings in Public Storage were worth $3,775,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PSA. Empowered Funds LLC grew its holdings in Public Storage by 13.3% during the 1st quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust's stock worth $954,000 after acquiring an additional 373 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Public Storage during the 2nd quarter worth $929,000. Nebula Research & Development LLC acquired a new position in Public Storage during the 2nd quarter worth $1,113,000. Treasurer of the State of North Carolina grew its holdings in Public Storage by 1.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust's stock worth $21,647,000 after acquiring an additional 1,390 shares in the last quarter. Finally, Ieq Capital LLC grew its holdings in Public Storage by 219.8% during the 2nd quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust's stock worth $14,140,000 after acquiring an additional 33,122 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Up 0.1%

Public Storage stock opened at $308.57 on Monday. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75. Public Storage has a fifty-two week low of $256.54 and a fifty-two week high of $313.51. The company's 50 day simple moving average is $293.62 and its 200 day simple moving average is $284.33. The firm has a market capitalization of $54.16 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 4.09 and a beta of 1.02.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Monday, March 16th. Public Storage's dividend payout ratio (DPR) is currently 133.04%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Scotiabank lifted their price target on shares of Public Storage from $319.00 to $321.00 and gave the company a "sector outperform" rating in a report on Monday, March 23rd. Truist Financial upped their target price on Public Storage from $315.00 to $317.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $330.00 target price on shares of Public Storage in a research report on Friday, February 20th. Wells Fargo & Company downgraded shares of Public Storage from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $330.00 to $295.00 in a research report on Thursday, February 5th. Finally, Evercore decreased their target price on shares of Public Storage from $311.00 to $309.00 in a research report on Monday, April 13th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $308.50.

Public Storage 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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