Public Storage (NYSE:PSA) Holdings Boosted by California State Teachers Retirement System

California State Teachers Retirement System boosted its holdings in Public Storage (NYSE:PSA) by 1.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 262,785 shares of the real estate investment trust’s stock after acquiring an additional 4,078 shares during the period. California State Teachers Retirement System owned about 0.15% of Public Storage worth $76,223,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its holdings in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 44 shares during the last quarter. Core Wealth Advisors Inc. bought a new stake in shares of Public Storage during the fourth quarter valued at approximately $30,000. Private Ocean LLC raised its holdings in shares of Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 109 shares during the last quarter. EdgeRock Capital LLC bought a new stake in shares of Public Storage during the fourth quarter valued at approximately $32,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in shares of Public Storage during the fourth quarter valued at approximately $35,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Stock Down 2.8 %

Public Storage stock traded down $8.45 during mid-day trading on Wednesday, hitting $295.92. The company’s stock had a trading volume of 1,622,734 shares, compared to its average volume of 712,858. The firm’s 50 day moving average is $287.41 and its 200 day moving average is $282.57. The company has a market cap of $52.00 billion, a PE ratio of 27.64, a price-to-earnings-growth ratio of 4.41 and a beta of 0.65. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.54 and a quick ratio of 0.54. Public Storage has a 52-week low of $233.18 and a 52-week high of $314.93.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to analysts’ expectations of $1.16 billion. Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the company posted $4.28 earnings per share. On average, analysts anticipate that Public Storage will post 16.88 earnings per share for the current year.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend was Wednesday, June 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Insider Transactions at Public Storage

In other news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total transaction of $109,716.00. Following the completion of the sale, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the transaction, the insider now directly owns 3,214 shares of the company’s stock, valued at approximately $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kristy Pipes acquired 2,149 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was bought at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the purchase, the director now directly owns 2,149 shares in the company, valued at approximately $599,485.04. The disclosure for this purchase can be found here. Company insiders own 11.00% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the topic of a number of research analyst reports. Evercore ISI raised their price objective on shares of Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Barclays lowered their price objective on shares of Public Storage from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Monday, May 20th. Wells Fargo & Company raised their price objective on shares of Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Scotiabank raised their price objective on shares of Public Storage from $289.00 to $314.00 and gave the company a “sector perform” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $310.55.

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.