New York State Common Retirement Fund Reduces Stock Holdings in Public Storage $PSA

New York State Common Retirement Fund reduced its holdings in shares of Public Storage (NYSE:PSA) by 1.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,309 shares of the real estate investment trust’s stock after selling 3,100 shares during the period. New York State Common Retirement Fund’s holdings in Public Storage were worth $59,948,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in PSA. Norges Bank acquired a new position in shares of Public Storage during the second quarter valued at about $1,153,971,000. Nuveen LLC purchased a new stake in Public Storage during the 1st quarter worth approximately $271,196,000. Goldman Sachs Group Inc. grew its position in Public Storage by 68.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,164,992 shares of the real estate investment trust’s stock worth $348,670,000 after purchasing an additional 475,342 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Public Storage during the 2nd quarter valued at approximately $94,297,000. Finally, Vanguard Group Inc. raised its holdings in shares of Public Storage by 0.7% in the first quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock worth $6,206,046,000 after buying an additional 143,575 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Up 0.2%

PSA opened at $274.71 on Friday. The company has a fifty day moving average of $285.94 and a two-hundred day moving average of $289.75. The stock has a market capitalization of $48.20 billion, a price-to-earnings ratio of 28.53, a PEG ratio of 4.72 and a beta of 0.91. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $352.66. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77.

Public Storage (NYSE:PSA) last posted 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 35.67%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the company posted $4.20 EPS. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, research analysts expect that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a dividend of $3.00 per share. The ex-dividend date is Monday, December 15th. This represents a $12.00 dividend on an annualized basis and a yield of 4.4%. Public Storage’s dividend payout ratio is currently 124.61%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Royal Bank Of Canada dropped their price objective on shares of Public Storage from $309.00 to $307.00 and set a “sector perform” rating on the stock in a report on Friday, October 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Public Storage in a research report on Wednesday, October 8th. Barclays dropped their price target on Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a research note on Friday, August 8th. Wall Street Zen raised Public Storage from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “hold” rating to a “buy” rating and set a $325.00 target price for the company in a report on Monday, October 13th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $325.21.

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.