Bank of New York Mellon Corp Has $318.74 Million Stock Holdings in Public Storage $PSA

Bank of New York Mellon Corp increased its position in shares of Public Storage (NYSE:PSA) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,086,301 shares of the real estate investment trust’s stock after acquiring an additional 10,699 shares during the quarter. Bank of New York Mellon Corp owned about 0.62% of Public Storage worth $318,742,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PSA. Marshall & Sullivan Inc. WA bought a new position in shares of Public Storage during the second quarter worth $25,000. Harbor Asset Planning Inc. acquired a new stake in Public Storage during the 2nd quarter worth $25,000. Spectrum Wealth Counsel LLC bought a new position in Public Storage during the first quarter worth about $30,000. Wayfinding Financial LLC acquired a new position in Public Storage in the first quarter valued at about $41,000. Finally, Winch Advisory Services LLC increased its holdings in shares of Public Storage by 39.8% in the first quarter. Winch Advisory Services LLC now owns 151 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 43 shares in the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PSA shares. Barclays cut their price objective on Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $325.00 target price on the stock in a report on Monday, October 13th. Wells Fargo & Company upped their price target on shares of Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Wall Street Zen raised shares of Public Storage from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Public Storage from $324.00 to $321.00 and set an “overweight” rating on the stock in a report on Friday, September 12th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and a consensus target price of $325.38.

Public Storage Stock Performance

Shares of PSA stock opened at $275.97 on Wednesday. Public Storage has a 12 month low of $256.60 and a 12 month high of $355.87. The company’s fifty day simple moving average is $292.14 and its 200-day simple moving average is $292.83. The firm has a market cap of $48.42 billion, a PE ratio of 28.66, a P/E/G ratio of 4.72 and a beta of 0.89. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04.

Public Storage (NYSE:PSA) last released its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share for the quarter, beating analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a net margin of 39.53% and a return on equity of 35.67%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the firm earned $4.20 earnings per share. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. Equities research analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $12.00 annualized dividend and a yield of 4.3%. Public Storage’s dividend payout ratio is 124.61%.

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.