Employees Retirement System of Texas Has $43.40 Million Stock Position in Public Storage $PSA

Key Points

• Employees Retirement System of Texas boosted its stake in Public Storage by 120.7% in Q3 to 150,250 shares, now worth about $43.4 million (≈0.09% ownership).
• Public Storage declared a quarterly dividend of $3.00 (annualized $12.00) with an ex-dividend date of March 16 and a yield of ~4.0%, but the payout ratio is high at 133.04%.
• Analysts are mixed: the consensus rating is a Hold with an average target of $307.13, though several firms have recently raised targets and ratings (e.g., Barclays, Goldman).

Employees Retirement System of Texas increased its stake in shares of Public Storage (NYSE:PSA - Free Report) by 120.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 150,250 shares of the real estate investment trust's stock after acquiring an additional 82,167 shares during the period. Employees Retirement System of Texas owned about 0.09% of Public Storage worth $43,400,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. National Pension Service raised its stake in shares of Public Storage by 4.2% during the 3rd quarter. National Pension Service now owns 255,300 shares of the real estate investment trust's stock worth $73,743,000 after purchasing an additional 10,345 shares in the last quarter. J.W. Cole Advisors Inc. grew its stake in shares of Public Storage by 57.5% in the third quarter. J.W. Cole Advisors Inc. now owns 4,974 shares of the real estate investment trust's stock valued at $1,437,000 after buying an additional 1,816 shares in the last quarter. Cornerstone Planning Group LLC increased its holdings in Public Storage by 14,992.3% during the third quarter. Cornerstone Planning Group LLC now owns 11,772 shares of the real estate investment trust's stock worth $3,400,000 after buying an additional 11,694 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in Public Storage by 19.9% during the third quarter. Jones Financial Companies Lllp now owns 41,094 shares of the real estate investment trust's stock worth $11,766,000 after buying an additional 6,814 shares during the last quarter. Finally, Vanderbilt University raised its position in Public Storage by 103.1% during the third quarter. Vanderbilt University now owns 9,112 shares of the real estate investment trust's stock worth $2,632,000 after acquiring an additional 4,626 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of NYSE PSA opened at $297.69 on Friday. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75. The firm has a market cap of $52.25 billion, a price-to-earnings ratio of 33.00, a P/E/G ratio of 6.08 and a beta of 0.99. The stock's fifty day moving average price is $290.35 and its two-hundred day moving average price is $284.80. Public Storage has a one year low of $256.54 and a one year high of $312.95.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a $3.00 dividend. The ex-dividend date is Monday, March 16th. This represents a $12.00 annualized dividend and a dividend yield of 4.0%. Public Storage's dividend payout ratio is 133.04%.

Analyst Upgrades and Downgrades

A number of analysts have commented on PSA shares. Evercore set a $302.00 price target on shares of Public Storage in a research note on Tuesday, February 17th. Barclays upped their target price on shares of Public Storage from $331.00 to $347.00 and gave the company an "overweight" rating in a report on Thursday, March 5th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $301.00 target price (down from $316.00) on shares of Public Storage in a research note on Thursday, December 18th. Deutsche Bank Aktiengesellschaft cut Public Storage from a "buy" rating to a "hold" rating and set a $285.00 price target for the company. in a report on Tuesday, January 20th. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $330.00 price objective on shares of Public Storage in a research note on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Public Storage currently has an average rating of "Hold" and an average target price of $307.13.

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.

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