New York State Common Retirement Fund Sells 15,489 Shares of Public Storage (NYSE:PSA)

New York State Common Retirement Fund lessened its position in shares of Public Storage (NYSE:PSA) by 5.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 279,984 shares of the real estate investment trust’s stock after selling 15,489 shares during the period. New York State Common Retirement Fund’s holdings in Public Storage were worth $85,395,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC lifted its holdings in shares of Public Storage by 16.1% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust’s stock worth $2,567,000 after acquiring an additional 1,349 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Public Storage by 8.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust’s stock valued at $32,638,000 after purchasing an additional 9,223 shares during the last quarter. Raymond James & Associates lifted its stake in Public Storage by 4.3% in the 4th quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust’s stock valued at $34,917,000 after purchasing an additional 4,695 shares during the last quarter. Ellsworth Advisors LLC lifted its stake in Public Storage by 615.7% in the 4th quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust’s stock valued at $6,040,000 after purchasing an additional 17,036 shares during the last quarter. Finally, 1834 Investment Advisors Co. lifted its stake in Public Storage by 115.3% in the 4th quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust’s stock valued at $5,170,000 after purchasing an additional 9,078 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Up 0.3 %

Shares of PSA traded up $0.83 during trading hours on Tuesday, hitting $262.27. 134,819 shares of the stock were exchanged, compared to its average volume of 719,640. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The business has a 50-day moving average of $280.36 and a 200-day moving average of $276.63. The firm has a market capitalization of $46.08 billion, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 3.42 and a beta of 0.54.

Public Storage (NYSE:PSA) last posted its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $4.16 earnings per share. On average, research analysts expect that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is 108.50%.

Analyst Ratings Changes

Several equities analysts recently commented on PSA shares. Scotiabank increased their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a “sector perform” rating in a research note on Monday, March 18th. Truist Financial raised their price target on shares of Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, December 28th. Barclays started coverage on shares of Public Storage in a research note on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target for the company. Finally, The Goldman Sachs Group raised their price target on shares of Public Storage from $307.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

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.