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

M&T Bank Corp reduced its holdings in shares of Public Storage (NYSE:PSA) by 0.8% in the 4th quarter, according to its most recent 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 quarter. M&T Bank Corp’s holdings in Public Storage were worth $6,515,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PSA. Harbor Capital Advisors Inc. purchased a new stake in shares of Public Storage during the third quarter worth about $55,000. Robeco Institutional Asset Management B.V. grew its holdings in shares of Public Storage by 8.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 10,132 shares of the real estate investment trust’s stock worth $3,687,000 after buying an additional 769 shares in the last quarter. Concurrent Investment Advisors LLC grew its holdings in shares of Public Storage by 19.6% during the third quarter. Concurrent Investment Advisors LLC now owns 5,106 shares of the real estate investment trust’s stock worth $1,858,000 after buying an additional 836 shares in the last quarter. M&G PLC purchased a new stake in shares of Public Storage during the third quarter worth about $215,000. Finally, Blake Schutter Theil Wealth Advisors LLC purchased a new stake in shares of Public Storage during the third quarter worth about $222,000. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of Public Storage stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $317.99, for a total transaction of $143,095.50. Following the transaction, the insider now directly 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 SEC, which is accessible through this hyperlink. 11.00% of the stock is currently owned by corporate insiders.

Public Storage Trading Up 1.8 %

Shares of PSA stock opened at $313.99 on Friday. The stock has a market cap of $55.08 billion, a price-to-earnings ratio of 32.61, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73. 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 has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The firm’s 50 day moving average price is $299.31 and its two-hundred day moving average price is $324.77.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 dividend on an annualized basis and a yield of 3.82%. Public Storage’s dividend payout ratio (DPR) is 112.89%.

Analysts Set New Price Targets

PSA has been the subject of a number of recent research reports. Scotiabank lowered their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a report on Wednesday. Wells Fargo & Company lowered their price target on shares of 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 boosted their target price for the company from $298.00 to $299.00 in a report on Friday, January 10th. 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 report on Thursday, December 5th. Finally, Royal Bank of Canada lowered their target price 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, February 26th. Seven 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. Based on data from MarketBeat.com, Public Storage has an average rating of “Moderate Buy” and an average target price of $340.23.

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.