Public Storage $PSA Holdings Lifted by State of Michigan Retirement System

State of Michigan Retirement System increased its position in shares of Public Storage (NYSE:PSA) by 6.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 46,221 shares of the real estate investment trust’s stock after acquiring an additional 2,600 shares during the period. State of Michigan Retirement System’s holdings in Public Storage were worth $14,713,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSA. Harvest Fund Management Co. Ltd acquired a new stake in Public Storage in the 3rd quarter valued at about $27,000. Bayban acquired a new position in shares of Public Storage in the 4th quarter worth approximately $26,000. Wealth Watch Advisors INC bought a new stake in shares of Public Storage in the 3rd quarter worth approximately $34,000. Raiffeisen Bank International AG raised its holdings in shares of Public Storage by 35.2% in the 4th quarter. Raiffeisen Bank International AG now owns 142 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 37 shares in the last quarter. Finally, Knuff & Co LLC bought a new stake in Public Storage during the fourth quarter worth approximately $38,000. 78.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. BMO Capital Markets lifted their target price on Public Storage from $305.00 to $340.00 and gave the stock a “market perform” rating in a report on Monday, June 15th. Scotiabank upped their target price on Public Storage from $342.00 to $345.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Citigroup increased their price target on Public Storage from $325.00 to $363.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. JPMorgan Chase & Co. boosted their price objective on Public Storage from $291.00 to $338.00 and gave the stock a “neutral” rating in a report on Thursday, June 11th. Finally, Truist Financial boosted their price objective on Public Storage from $302.00 to $338.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Seven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Public Storage has an average rating of “Hold” and an average price target of $326.05.

Insider Activity at Public Storage

In related news, insider Nathaniel A. Vitan sold 1,414 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $327.53, for a total transaction of $463,127.42. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 11.10% of the company’s stock.

Public Storage Stock Down 0.8%

Shares of Public Storage stock opened at $325.99 on Friday. The stock has a 50-day moving average price of $322.15 and a 200 day moving average price of $304.57. The company has a market cap of $57.25 billion, a P/E ratio of 31.11, a P/E/G ratio of 3.87 and a beta of 0.96. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 2.06. Public Storage has a 1 year low of $256.54 and a 1 year high of $335.55.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $4.17 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $1.64. Public Storage had a return on equity of 40.98% and a net margin of 41.80%.The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period last year, the company posted $4.28 EPS. The business’s quarterly revenue was down .5% compared to the same quarter last year. Public Storage has set its FY 2026 guidance at 16.750-17.050 EPS. As a group, analysts expect that Public Storage will post 16.93 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 6th. Investors of record on Tuesday, September 15th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, September 15th. Public Storage’s dividend payout ratio (DPR) is currently 114.50%.

About Public Storage

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.