Public Storage $PSA Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of Public Storage (NYSE:PSA) by 3.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,053,368 shares of the real estate investment trust’s stock after selling 32,933 shares during the period. Bank of New York Mellon Corp’s holdings in Public Storage were worth $304,265,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. grew its stake in Public Storage by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 20,815,476 shares of the real estate investment trust’s stock valued at $6,107,677,000 after purchasing an additional 79,580 shares in the last quarter. State Street Corp boosted its stake in shares of Public Storage by 1.2% during the 2nd quarter. State Street Corp now owns 10,613,807 shares of the real estate investment trust’s stock valued at $3,114,303,000 after buying an additional 126,113 shares during the last quarter. Norges Bank acquired a new stake in shares of Public Storage during the second quarter worth approximately $1,153,971,000. JPMorgan Chase & Co. increased its stake in shares of Public Storage by 3.4% in the second quarter. JPMorgan Chase & Co. now owns 3,157,067 shares of the real estate investment trust’s stock worth $926,357,000 after buying an additional 103,965 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Public Storage by 3.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,924,395 shares of the real estate investment trust’s stock valued at $857,674,000 after acquiring an additional 87,918 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PSA. Truist Financial raised their price objective on shares of Public Storage from $315.00 to $317.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Public Storage in a research note on Thursday, January 22nd. The Goldman Sachs Group cut their price objective on Public Storage from $332.00 to $321.00 and set a “buy” rating on the stock in a research note on Thursday, January 15th. Barclays set a $331.00 target price on Public Storage in a report on Tuesday, January 13th. Finally, Deutsche Bank Aktiengesellschaft downgraded Public Storage from a “buy” rating to a “hold” rating and set a $285.00 price target for the company. in a report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $313.19.

Public Storage Stock Performance

Shares of PSA stock opened at $277.19 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 1.99. The business has a 50 day moving average of $272.27 and a two-hundred day moving average of $282.05. The company has a market cap of $48.64 billion, a P/E ratio of 28.78, a PEG ratio of 7.13 and a beta of 1.01. Public Storage has a 52 week low of $256.54 and a 52 week high of $322.49.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.07. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.21 billion. Public Storage had a return on equity of 36.09% and a net margin of 39.53%.The business’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business posted $4.20 EPS. As a group, analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.