M&T Bank Corp Decreases Stake in Public Storage (NYSE:PSA)

M&T Bank Corp decreased its holdings in Public Storage (NYSE:PSA) by 3.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,922 shares of the real estate investment trust’s stock after selling 857 shares during the quarter. M&T Bank Corp’s holdings in Public Storage were worth $7,976,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PSA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Public Storage by 732.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,543,857 shares of the real estate investment trust’s stock valued at $561,763,000 after purchasing an additional 1,358,493 shares in the last quarter. Adelante Capital Management LLC grew its position in Public Storage by 389.9% during the third quarter. Adelante Capital Management LLC now owns 1,463,338 shares of the real estate investment trust’s stock worth $532,465,000 after buying an additional 1,164,630 shares during the period. FMR LLC increased its holdings in Public Storage by 20.9% in the third quarter. FMR LLC now owns 5,025,869 shares of the real estate investment trust’s stock valued at $1,828,763,000 after buying an additional 869,066 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Public Storage by 57.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 1,113,799 shares of the real estate investment trust’s stock valued at $405,278,000 after acquiring an additional 405,847 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Public Storage by 116.7% during the 2nd quarter. AQR Capital Management LLC now owns 387,217 shares of the real estate investment trust’s stock worth $111,077,000 after acquiring an additional 208,546 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Trading Down 1.4 %

Shares of PSA opened at $323.36 on Thursday. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The company has a market capitalization of $56.62 billion, a PE ratio of 33.58, a price-to-earnings-growth ratio of 5.56 and a beta of 0.71. The stock has a fifty day moving average of $339.18 and a two-hundred day moving average of $322.12. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors 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 annualized dividend and a yield of 3.71%. Public Storage’s payout ratio is currently 124.61%.

Analyst Upgrades and Downgrades

PSA has been the subject of several research analyst reports. Evercore ISI dropped their price objective on Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a research note on Monday, October 14th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Jefferies Financial Group boosted their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Morgan Stanley raised their target price on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, 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 on the stock in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $342.07.

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.