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

Bank of New York Mellon Corp lowered its position in shares of Public Storage (NYSE:PSA) by 3.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,053,368 shares of the real estate investment trust’s stock after selling 32,933 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.60% of Public Storage worth $304,265,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Empowered Funds LLC boosted its holdings in shares of Public Storage by 13.3% during the first quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust’s stock worth $954,000 after purchasing an additional 373 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Public Storage in the 2nd quarter worth about $929,000. Janney Montgomery Scott LLC grew its holdings in Public Storage by 130.2% in the 2nd quarter. Janney Montgomery Scott LLC now owns 68,858 shares of the real estate investment trust’s stock valued at $20,204,000 after buying an additional 38,946 shares during the period. HB Wealth Management LLC grew its holdings in Public Storage by 16.0% in the 2nd quarter. HB Wealth Management LLC now owns 3,667 shares of the real estate investment trust’s stock valued at $1,076,000 after buying an additional 506 shares during the period. Finally, PFG Investments LLC increased its stake in shares of Public Storage by 138.6% during the 2nd quarter. PFG Investments LLC now owns 2,212 shares of the real estate investment trust’s stock valued at $649,000 after acquiring an additional 1,285 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PSA shares. Wolfe Research downgraded shares of Public Storage from an “outperform” rating to a “peer perform” rating in a report on Monday. UBS Group decreased their price target on shares of Public Storage from $293.00 to $276.00 and set a “neutral” rating on the stock in a report on Thursday, January 8th. The Goldman Sachs Group dropped their price objective on Public Storage from $332.00 to $321.00 and set a “buy” rating for the company in a report on Thursday, January 15th. BMO Capital Markets cut their target price on Public Storage from $320.00 to $305.00 and set a “market perform” rating on the stock in a research report on Monday, December 22nd. Finally, Morgan Stanley began coverage on Public Storage in a research report on Friday, December 5th. They set an “equal weight” rating and a $290.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price of $313.19.

Public Storage Stock Up 1.2%

Shares of NYSE PSA opened at $277.19 on Friday. Public Storage has a 12-month low of $256.54 and a 12-month high of $322.49. The company has a market cap of $48.64 billion, a P/E ratio of 28.78, a P/E/G ratio of 7.13 and a beta of 1.01. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 1.99. The stock has a fifty day moving average price of $272.27 and a 200 day moving average price of $282.05.

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