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

New York State Common Retirement Fund trimmed its stake in Public Storage (NYSE:PSA) by 19.3% during the third quarter, HoldingsChannel reports. The institutional investor 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’s holdings in Public Storage were worth $80,273,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSA. Centersquare Investment Management LLC grew its holdings in shares of Public Storage by 17.2% during the first quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Public Storage in the 2nd quarter valued at about $14,301,000. Allspring Global Investments Holdings LLC grew its stake in 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 increased its position in Public Storage by 8.0% during the second quarter. PGGM Investments now owns 167,431 shares of the real estate investment trust’s stock worth $48,162,000 after buying an additional 12,396 shares during the period. Finally, Swedbank AB purchased a new stake in Public Storage in the first quarter valued at approximately $17,465,000. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PSA shares. Truist Financial lowered shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 target price on the stock. in a research report on Thursday, August 1st. Jefferies Financial Group raised their price objective on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Evercore ISI reduced their target price on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price for the company. in a research note on Monday, August 5th. Finally, Royal Bank of Canada initiated coverage on Public Storage in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $341.43.

Public Storage Price Performance

Shares of PSA stock opened at $323.66 on Friday. The firm has a market cap 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. The firm has a fifty day moving average of $347.69 and a two-hundred day moving average of $308.81. 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 has a 1-year low of $241.60 and a 1-year high of $369.99.

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 analysts’ consensus estimates of $4.20 by ($1.54). Public Storage had a return on equity of 33.66% and a net margin of 40.54%. The firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business posted $4.28 earnings per share. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, research analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.71%. Public Storage’s payout ratio is 124.61%.

About Public Storage

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.