Bank of New York Mellon Corp Boosts Stake in Public Storage (NYSE:PSA)

Bank of New York Mellon Corp increased its holdings in shares of Public Storage (NYSE:PSA) by 2.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,097,640 shares of the real estate investment trust’s stock after acquiring an additional 21,165 shares during the quarter. Bank of New York Mellon Corp’s holdings in Public Storage were worth $328,677,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Fairhaven Wealth Management LLC boosted its holdings in shares of Public Storage by 0.8% during the 4th quarter. Fairhaven Wealth Management LLC now owns 9,140 shares of the real estate investment trust’s stock worth $2,737,000 after purchasing an additional 71 shares during the last quarter. IFP Advisors Inc lifted its position in Public Storage by 8.5% during the fourth quarter. IFP Advisors Inc now owns 2,684 shares of the real estate investment trust’s stock worth $804,000 after buying an additional 210 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Public Storage during the fourth quarter worth $6,335,000. Union Bancaire Privee UBP SA purchased a new stake in Public Storage in the 4th quarter valued at $1,647,000. Finally, Howard Capital Management Inc. grew its holdings in Public Storage by 5.4% in the 4th quarter. Howard Capital Management Inc. now owns 1,045 shares of the real estate investment trust’s stock valued at $313,000 after buying an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on PSA. Wells Fargo & Company lowered their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and boosted their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. Royal Bank of Canada cut their price target on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a report on Wednesday. Truist Financial upped their price objective on Public Storage from $306.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, December 5th. Finally, Barclays cut their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $340.69.

Insider Buying and Selling at Public Storage

In other news, insider Nathaniel A. Vitan sold 450 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total value of $143,095.50. Following the completion of the transaction, the insider now owns 2,364 shares of the company’s stock, valued at approximately $751,728.36. This trade represents a 15.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 11.00% of the stock is currently owned by corporate insiders.

Public Storage Trading Down 1.3 %

PSA opened at $304.45 on Thursday. Public Storage has a 52 week low of $256.31 and a 52 week high of $369.99. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77. The business has a fifty day simple moving average of $297.85 and a 200-day simple moving average of $325.31. The firm has a market cap of $53.31 billion, a P/E ratio of 31.61, a P/E/G ratio of 4.91 and a beta of 0.74.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is 112.89%.

Public Storage Company 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.