Public Storage (NYSE:PSA) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its position in shares of Public Storage (NYSE:PSA) by 0.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,757 shares of the real estate investment trust’s stock after selling 165 shares during the period. M&T Bank Corp’s holdings in Public Storage were worth $6,515,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Royal Bank of Canada dropped 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 research note on Wednesday, February 26th. 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 research note on Friday, January 10th. Barclays lowered their target price on shares of Public Storage from $380.00 to $361.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Scotiabank lowered their target price on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research note on Wednesday. Finally, Truist Financial boosted their target price 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 research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $340.23.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 450 shares of the company’s stock in a transaction dated 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 sale, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 11.00% of the company’s stock.

Public Storage Stock Up 1.8 %

Public Storage stock opened at $313.99 on Friday. The company has a 50-day simple moving average of $299.31 and a 200-day simple moving average of $324.77. The firm has a market capitalization of $55.08 billion, a P/E ratio of 32.61, a P/E/G ratio of 4.91 and a beta of 0.73. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. Public Storage has a one year low of $256.31 and a one year high of $369.99.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Thursday, March 13th will be given a dividend of $3.00 per share. The ex-dividend date is Thursday, March 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.82%. Public Storage’s dividend payout ratio is currently 112.89%.

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.