Public Storage $PSA Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund cut its holdings in Public Storage (NYSE:PSA) by 6.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 191,309 shares of the real estate investment trust’s stock after selling 13,000 shares during the period. New York State Common Retirement Fund owned about 0.11% of Public Storage worth $55,260,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Public Storage by 0.4% during the second quarter. Vanguard Group Inc. now owns 20,815,476 shares of the real estate investment trust’s stock worth $6,107,677,000 after acquiring an additional 79,580 shares during the last quarter. State Street Corp raised its position in shares of Public Storage by 1.2% during the 2nd quarter. State Street Corp now owns 10,613,807 shares of the real estate investment trust’s stock worth $3,114,303,000 after purchasing an additional 126,113 shares during the last quarter. Norges Bank acquired a new position in shares of Public Storage during the 2nd quarter worth approximately $1,153,971,000. JPMorgan Chase & Co. lifted its stake in Public Storage by 3.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,157,067 shares of the real estate investment trust’s stock valued at $926,357,000 after buying an additional 103,965 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Public Storage by 3.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,924,395 shares of the real estate investment trust’s stock valued at $857,674,000 after buying an additional 87,918 shares during the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSA has been the topic of several recent research reports. The Goldman Sachs Group reduced their price objective on Public Storage from $332.00 to $321.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Morgan Stanley assumed coverage on shares of Public Storage in a research note on Friday, December 5th. They issued an “equal weight” rating and a $290.00 target price for the company. BNP Paribas Exane decreased their price target on shares of Public Storage from $329.00 to $315.00 in a research note on Tuesday, December 23rd. Evercore ISI lowered their price target on shares of Public Storage from $309.00 to $305.00 in a report on Monday, January 12th. Finally, Barclays set a $331.00 price objective on shares of Public Storage in a research note on Tuesday, January 13th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, Public Storage presently has an average rating of “Moderate Buy” and an average target price of $313.19.

Public Storage Stock Up 1.2%

PSA opened at $277.19 on Friday. Public Storage has a 12 month low of $256.54 and a 12 month high of $322.49. The business has a 50-day moving average of $272.27 and a two-hundred day moving average of $282.05. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.45 and a quick ratio of 0.45. The stock has a market capitalization of $48.64 billion, a price-to-earnings ratio of 28.78, a price-to-earnings-growth ratio of 7.13 and a beta of 1.01.

Public Storage (NYSE:PSA) last released its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.07. Public Storage had a net margin of 39.53% and a return on equity of 36.09%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period last year, the company earned $4.20 earnings per share. The company’s quarterly revenue was down 5.4% on a year-over-year basis. On average, research analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.