New York State Common Retirement Fund Has $62.08 Million Stake in Public Storage (NYSE:PSA)

New York State Common Retirement Fund trimmed its position in shares of Public Storage (NYSE:PSA - Free Report) by 5.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 207,409 shares of the real estate investment trust's stock after selling 12,500 shares during the period. New York State Common Retirement Fund owned approximately 0.12% of Public Storage worth $62,075,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Cohen & Steers Inc. boosted its stake in shares of Public Storage by 12.3% in the 4th quarter. Cohen & Steers Inc. now owns 5,433,001 shares of the real estate investment trust's stock valued at $1,626,731,000 after purchasing an additional 592,944 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Public Storage by 2.0% in the 4th 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 purchasing an additional 78,472 shares in the last quarter. Norges Bank acquired a new stake in shares of Public Storage in the 4th quarter valued at approximately $931,286,000. Northern Trust Corp boosted its stake in shares of Public Storage by 43.4% in the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock valued at $741,592,000 after purchasing an additional 749,913 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Public Storage by 10.3% in 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 purchasing an additional 158,665 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Performance

Shares of Public Storage stock opened at $288.81 on Monday. The business has a fifty day simple moving average of $298.17 and a two-hundred day simple moving average of $296.82. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $50.67 billion, a P/E ratio of 28.68, a P/E/G ratio of 4.18 and a beta of 0.86. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.06 by $0.06. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm earned $4.03 EPS. Public Storage's quarterly revenue was up .1% compared to the same quarter last year. On average, equities analysts forecast 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 was paid on Friday, June 27th. Shareholders of record on Thursday, June 12th were paid a dividend of $3.00 per share. The ex-dividend date was Thursday, June 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.15%. Public Storage's dividend payout ratio is currently 119.17%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a report on Tuesday, June 24th. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $340.00 to $325.00 in a report on Friday, June 20th. Evercore ISI raised their price objective on shares of Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. Barclays lowered their price target on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Finally, Royal Bank Of Canada lowered their price target on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Public Storage has an average rating of "Moderate Buy" and an average target price of $337.64.

Public Storage Company 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.

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