Bank of New York Mellon Corp Raises Stock Holdings in Public Storage (NYSE:PSA)

Bank of New York Mellon Corp raised its position in shares of Public Storage (NYSE:PSA) by 2.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,097,640 shares of the real estate investment trust’s stock after purchasing an additional 21,165 shares during the quarter. Bank of New York Mellon Corp owned 0.63% of Public Storage worth $328,677,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Quent Capital LLC boosted its position in Public Storage by 135.1% in the fourth quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in Public Storage during the 3rd quarter valued at approximately $34,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage in the 3rd quarter valued at $38,000. Synergy Asset Management LLC acquired a new stake in shares of Public Storage in the fourth quarter worth $38,000. Finally, Harbor Capital Advisors Inc. purchased a new position in shares of Public Storage during the third quarter worth $55,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

NYSE:PSA opened at $304.45 on Thursday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $53.31 billion, a PE ratio of 31.61, a P/E/G ratio of 4.91 and a beta of 0.74. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a fifty day moving average of $297.85 and a two-hundred day moving average of $325.31.

Public Storage Announces Dividend

The business 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 dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.94%. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the 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 completion of the transaction, the insider now owns 2,364 shares of the company’s stock, valued at $751,728.36. This represents a 15.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. 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 report on Friday, February 21st. Barclays lowered their target price on Public Storage from $380.00 to $361.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Truist Financial raised their target price on Public Storage from $306.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft raised Public Storage from a “sell” rating to a “hold” rating and boosted their price target for the company from $298.00 to $299.00 in a report on Friday, January 10th. Finally, Royal Bank of Canada dropped their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $340.69.

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.