M&T Bank Corp Reduces Stock Position in Public Storage (NYSE:PSA)

M&T Bank Corp lessened its position in Public Storage (NYSE:PSA) by 6.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,734 shares of the real estate investment trust’s stock after selling 1,529 shares during the quarter. M&T Bank Corp’s holdings in Public Storage were worth $7,239,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Private Ocean LLC lifted its holdings in Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 109 shares in the last quarter. Centerpoint Advisors LLC bought a new position in shares of Public Storage during the 4th quarter worth approximately $35,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Public Storage in the fourth quarter valued at approximately $35,000. Aspire Private Capital LLC increased its position in shares of Public Storage by 44.0% during the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 44 shares in the last quarter. Finally, Rise Advisors LLC boosted its position in shares of Public Storage by 165.5% in the 4th quarter. Rise Advisors LLC now owns 146 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 91 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.7 %

Shares of NYSE:PSA opened at $265.76 on Monday. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The company has a market capitalization of $46.69 billion, a PE ratio of 24.14, a PEG ratio of 3.49 and a beta of 0.57. The business has a 50 day moving average of $276.44 and a two-hundred day moving average of $276.00. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the firm earned $4.16 earnings per share. As a group, analysts forecast that Public Storage will post 16.92 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.52%. The ex-dividend date was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a research note on Thursday, March 28th. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. The Goldman Sachs Group upped their target price on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft began coverage on Public Storage in a research report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target for the company. Finally, Barclays started coverage on Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $305.00.

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.