New York State Common Retirement Fund Decreases Stock Position in Public Storage $PSA

New York State Common Retirement Fund trimmed its position in shares of Public Storage (NYSE:PSA) by 1.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 204,309 shares of the real estate investment trust’s stock after selling 3,100 shares during the quarter. New York State Common Retirement Fund owned 0.12% of Public Storage worth $59,948,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSA. Virtus Investment Advisers LLC raised its holdings in shares of Public Storage by 962.3% in the second quarter. Virtus Investment Advisers LLC now owns 5,354 shares of the real estate investment trust’s stock worth $1,571,000 after buying an additional 4,850 shares during the period. Colonial Trust Advisors grew its position in Public Storage by 4.0% in the 2nd quarter. Colonial Trust Advisors now owns 14,749 shares of the real estate investment trust’s stock valued at $4,328,000 after acquiring an additional 567 shares during the last quarter. Norges Bank bought a new position in Public Storage in the 2nd quarter valued at $1,153,971,000. Capital Fund Management S.A. purchased a new stake in Public Storage in the second quarter worth $13,741,000. Finally, Patrick M Sweeney & Associates Inc. lifted its position in shares of Public Storage by 3.5% during the second quarter. Patrick M Sweeney & Associates Inc. now owns 1,070 shares of the real estate investment trust’s stock worth $317,000 after purchasing an additional 36 shares during the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Trading Up 0.2%

Shares of NYSE:PSA opened at $274.71 on Friday. The company has a market capitalization of $48.20 billion, a PE ratio of 28.53, a P/E/G ratio of 4.72 and a beta of 0.91. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. Public Storage has a 12-month low of $256.60 and a 12-month high of $352.66. The business’s fifty day simple moving average is $285.94 and its 200-day simple moving average is $289.75.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share for the quarter, topping analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a return on equity of 35.67% and a net margin of 39.53%.The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the prior year, the business posted $4.20 EPS. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. As a group, equities research analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Raymond James Financial cut their price target on shares of Public Storage from $350.00 to $330.00 and set a “strong-buy” rating on the stock in a report on Tuesday, November 18th. Deutsche Bank Aktiengesellschaft raised shares of Public Storage from a “hold” rating to a “buy” rating and set a $325.00 price objective for the company in a research report on Monday, October 13th. Scotiabank reduced their target price on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 28th. Wall Street Zen raised shares of Public Storage from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Barclays dropped their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus target price of $325.21.

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.