Bank of New York Mellon Corp Buys 21,165 Shares of Public Storage (NYSE:PSA)

Bank of New York Mellon Corp raised its holdings in Public Storage (NYSE:PSA - Free Report) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & 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 period. Bank of New York Mellon Corp owned about 0.63% of Public Storage worth $328,677,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of PSA. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Public Storage by 5.0% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,729 shares of the real estate investment trust's stock valued at $16,089,000 after purchasing an additional 2,566 shares during the last quarter. Larson Financial Group LLC increased its holdings in shares of Public Storage by 3,714.6% during the third quarter. Larson Financial Group LLC now owns 1,831 shares of the real estate investment trust's stock worth $666,000 after buying an additional 1,783 shares in the last quarter. Capital Investment Advisors LLC increased its holdings in shares of Public Storage by 25.4% during the fourth quarter. Capital Investment Advisors LLC now owns 28,608 shares of the real estate investment trust's stock worth $8,566,000 after buying an additional 5,793 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Public Storage by 114.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 91,521 shares of the real estate investment trust's stock valued at $33,302,000 after acquiring an additional 48,803 shares during the last quarter. Finally, Swedbank AB boosted its holdings in shares of Public Storage by 31.9% during the 3rd quarter. Swedbank AB now owns 154,167 shares of the real estate investment trust's stock valued at $56,097,000 after acquiring an additional 37,285 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company's stock.

Public Storage Stock Down 0.7 %

PSA traded down $2.24 during trading on Friday, hitting $303.46. 1,074,727 shares of the company's stock were exchanged, compared to its average volume of 682,049. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The stock has a market cap of $53.14 billion, a P/E ratio of 31.51, a PEG ratio of 4.91 and a beta of 0.74. The business's 50 day moving average is $298.29 and its two-hundred day moving average is $325.15. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Thursday, March 13th will be given a $3.00 dividend. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 annualized dividend and a yield of 3.95%. Public Storage's payout ratio is 112.89%.

Insiders Place Their Bets

In related news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now owns 2,364 shares of the company's stock, valued at $751,728.36. The trade was a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 11.00% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wells Fargo & Company lowered their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a "sell" rating to a "hold" rating and lifted their target price for the stock from $298.00 to $299.00 in a research report on Friday, January 10th. Royal Bank of Canada decreased their price objective on Public Storage from $342.00 to $329.00 and set a "sector perform" rating for the company in a report on Wednesday. Barclays lowered their price target on shares of Public Storage from $380.00 to $361.00 and set an "overweight" rating for the company in a report on Monday, January 13th. Finally, Truist Financial upped their price objective on shares of Public Storage from $306.00 to $340.00 and gave the company a "hold" rating in a research note on Thursday, December 5th. Seven investment 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's stock. According to MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and an average price target of $340.69.

Public Storage 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.