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

New York State Common Retirement Fund lowered its stake in shares of Public Storage (NYSE:PSA) by 5.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 279,984 shares of the real estate investment trust’s stock after selling 15,489 shares during the period. New York State Common Retirement Fund owned 0.16% of Public Storage worth $85,395,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PSA. OLD National Bancorp IN lifted its stake in shares of Public Storage by 6.4% in the 4th quarter. OLD National Bancorp IN now owns 26,607 shares of the real estate investment trust’s stock valued at $8,115,000 after purchasing an additional 1,607 shares during the last quarter. Cetera Trust Company N.A acquired a new position in shares of Public Storage in the 4th quarter valued at $119,000. Handelsbanken Fonder AB lifted its stake in shares of Public Storage by 2.6% in the 4th quarter. Handelsbanken Fonder AB now owns 59,701 shares of the real estate investment trust’s stock valued at $18,209,000 after purchasing an additional 1,505 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Public Storage by 0.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 45,422 shares of the real estate investment trust’s stock valued at $13,854,000 after purchasing an additional 421 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of Public Storage by 82.2% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 23,336 shares of the real estate investment trust’s stock valued at $7,117,000 after purchasing an additional 10,530 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the topic of several recent research reports. Raymond James upgraded Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target on the stock in a report on Thursday, March 28th. The Goldman Sachs Group upped their target price on Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a research report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price for the company. Barclays began coverage on Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 target price for the company. Finally, BMO Capital Markets raised their price objective on Public Storage from $325.00 to $330.00 and gave the company an “outperform” rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $305.00.

Public Storage Trading Up 0.3 %

PSA stock traded up $0.83 during trading on Tuesday, reaching $262.27. 134,819 shares of the stock traded hands, compared to its average volume of 719,640. The business’s 50 day moving average price is $280.36 and its 200-day moving average price is $276.63. Public Storage has a 52-week low of $233.18 and a 52-week high of $312.25. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The firm has a market capitalization of $46.08 billion, a PE ratio of 23.64, a P/E/G ratio of 3.42 and a beta of 0.54.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the company earned $4.16 EPS. Public Storage’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts forecast that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.58%. The ex-dividend date was Tuesday, March 12th. Public Storage’s payout ratio is currently 108.50%.

Public Storage Company 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.