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

M&T Bank Corp lowered its stake in Public Storage (NYSE:PSAFree Report) by 3.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,922 shares of the real estate investment trust’s stock after selling 857 shares during the period. M&T Bank Corp’s holdings in Public Storage were worth $7,976,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Prospera Private Wealth LLC purchased a new stake in shares of Public Storage in the third quarter worth $34,000. Ashton Thomas Securities LLC bought a new position in Public Storage in the 3rd quarter worth about $38,000. Compagnie Lombard Odier SCmA purchased a new stake in Public Storage during the 3rd quarter valued at about $50,000. Harbor Capital Advisors Inc. bought a new stake in Public Storage during the 3rd quarter valued at about $55,000. Finally, Deseret Mutual Benefit Administrators raised its holdings in Public Storage by 39.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 206 shares of the real estate investment trust’s stock worth $75,000 after buying an additional 58 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Insider Activity

In other Public Storage news, insider Nathaniel A. Vitan sold 450 shares of the stock in a transaction on Friday, December 13th. The stock was 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 in the company, valued at approximately $751,728.36. This represents a 15.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PSA shares. Royal Bank of Canada reduced their price target on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Truist Financial lifted 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. Barclays lowered their price target on Public Storage from $381.00 to $380.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Citigroup lifted their price objective on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Evercore ISI dropped their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $342.07.

Get Our Latest Stock Analysis on PSA

Public Storage Trading Up 2.8 %

Shares of NYSE:PSA opened at $297.50 on Monday. The stock has a 50 day moving average of $333.10 and a 200 day moving average of $323.89. The company has a market cap of $52.09 billion, a PE ratio of 30.89, a price-to-earnings-growth ratio of 5.29 and a beta of 0.71. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.03%. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

Public Storage Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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