Public Storage (NYSE:PSA) Shares Sold by Employees Retirement System of Texas

Employees Retirement System of Texas trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 6.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 74,611 shares of the real estate investment trust's stock after selling 5,000 shares during the quarter. Employees Retirement System of Texas' holdings in Public Storage were worth $22,342,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cohen & Steers Inc. grew its stake in shares of Public Storage by 12.3% in the fourth quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock worth $1,626,731,000 after acquiring an additional 592,944 shares during the period. Geode Capital Management LLC grew its position in Public Storage by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,010,044 shares of the real estate investment trust's stock valued at $1,197,769,000 after buying an additional 78,472 shares during the period. Norges Bank purchased a new stake in shares of Public Storage in the 4th quarter worth $931,286,000. Northern Trust Corp raised its stake in shares of Public Storage by 43.4% in the fourth quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after buying an additional 749,913 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Public Storage by 10.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,702,522 shares of the real estate investment trust's stock valued at $509,803,000 after buying an additional 158,665 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Public Storage Stock Up 0.6%

Shares of PSA traded up $1.82 during midday trading on Friday, reaching $307.84. 1,601,160 shares of the stock were exchanged, compared to its average volume of 747,959. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company's 50 day moving average is $294.61 and its two-hundred day moving average is $303.65. The company has a market capitalization of $54.00 billion, a P/E ratio of 31.97, a PEG ratio of 4.91 and a beta of 0.91. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company posted $4.03 EPS. The business's revenue for the quarter was up .1% compared to the same quarter last year. On average, sell-side analysts anticipate that Public Storage will post 16.7 earnings per share for the current year.

Public Storage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 3.90%. Public Storage's dividend payout ratio (DPR) is 119.17%.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of recent analyst reports. Royal Bank of Canada decreased their price target on Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Mizuho increased their price target on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday. Scotiabank upped their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Wells Fargo & Company dropped their target price on Public Storage from $365.00 to $330.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Finally, Truist Financial upgraded shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective on the stock in a research report on Thursday, April 10th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $339.25.

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.