Louisiana State Employees Retirement System Has $2.56 Million Position in Public Storage (NYSE:PSA)

Louisiana State Employees Retirement System lowered its holdings in shares of Public Storage (NYSE:PSA) by 3.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,900 shares of the real estate investment trust’s stock after selling 300 shares during the period. Louisiana State Employees Retirement System’s holdings in Public Storage were worth $2,560,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. GYL Financial Synergies LLC boosted its stake in shares of Public Storage by 9.8% in the 2nd quarter. GYL Financial Synergies LLC now owns 6,721 shares of the real estate investment trust’s stock valued at $1,933,000 after purchasing an additional 599 shares in the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Public Storage in the 2nd quarter valued at $381,000. XML Financial LLC boosted its stake in shares of Public Storage by 10.7% in the 2nd quarter. XML Financial LLC now owns 8,336 shares of the real estate investment trust’s stock valued at $2,398,000 after purchasing an additional 803 shares in the last quarter. Capital Advisory Group Advisory Services LLC boosted its stake in shares of Public Storage by 7.5% in the 2nd quarter. Capital Advisory Group Advisory Services LLC now owns 2,720 shares of the real estate investment trust’s stock valued at $782,000 after purchasing an additional 190 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of Public Storage by 14.2% in the 2nd quarter. Fifth Third Bancorp now owns 50,422 shares of the real estate investment trust’s stock valued at $14,504,000 after purchasing an additional 6,273 shares in the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

Shares of NYSE:PSA opened at $340.92 on Friday. The stock has a market capitalization of $59.91 billion, a P/E ratio of 30.96, a P/E/G ratio of 5.28 and a beta of 0.65. Public Storage has a 1-year low of $233.18 and a 1-year high of $341.71. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The business has a 50-day moving average price of $302.49 and a two-hundred day moving average price of $286.16.

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 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 the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.28 earnings per share. Equities analysts predict that Public Storage will post 16.74 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $3.00 dividend. The ex-dividend date is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.52%. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PSA shares. Scotiabank boosted their target price on shares of Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research note on Thursday. Evercore ISI lifted their price target on Public Storage from $289.00 to $300.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Barclays lifted their price target on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a report on Thursday. Wells Fargo & Company lifted their price target on Public Storage from $310.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Public Storage currently has an average rating of “Hold” and an average price target of $316.42.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 400 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $274.29, for a total value 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.00% of the stock is currently owned by company insiders.

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.