Public Storage (NYSE:PSA) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its stake in shares of Public Storage (NYSE:PSA) by 19.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 220,609 shares of the real estate investment trust’s stock after selling 52,819 shares during the period. New York State Common Retirement Fund owned about 0.13% of Public Storage worth $80,273,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Centersquare Investment Management LLC raised its stake in Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock valued at $343,573,000 after purchasing an additional 173,975 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Public Storage in the 2nd quarter valued at approximately $14,301,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Public Storage by 1.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 142,255 shares of the real estate investment trust’s stock worth $51,762,000 after buying an additional 2,605 shares during the last quarter. PGGM Investments raised its position in shares of Public Storage by 8.0% during the 2nd quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock valued at $48,162,000 after buying an additional 12,396 shares during the period. Finally, Swedbank AB acquired a new position in Public Storage in the first quarter valued at approximately $17,465,000. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Citigroup raised their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Jefferies Financial Group upped their target price on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Scotiabank lifted their price target on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Barclays boosted their price target on shares of Public Storage from $374.00 to $381.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $341.43.

Public Storage Price Performance

PSA stock opened at $323.66 on Friday. The business’s 50-day moving average is $347.69 and its two-hundred day moving average is $308.81. The firm has a market capitalization of $56.65 billion, a P/E ratio of 33.61, a P/E/G ratio of 4.73 and a beta of 0.68. Public Storage has a 1 year low of $241.60 and a 1 year high of $369.99. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93.

Public Storage (NYSE:PSA) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 33.66% and a net margin of 40.54%. The company’s revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm earned $4.28 EPS. Analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Announces Dividend

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 issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.71%. The ex-dividend date is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 124.61%.

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.