New York State Teachers Retirement System Has $35.07 Million Stock Position in Public Storage (NYSE:PSA)

New York State Teachers Retirement System lessened its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 7.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,168 shares of the real estate investment trust's stock after selling 9,401 shares during the period. New York State Teachers Retirement System owned about 0.07% of Public Storage worth $35,067,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Public Storage by 30.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock worth $40,926,000 after buying an additional 31,662 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Public Storage by 12.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock worth $13,240,000 after purchasing an additional 4,746 shares in the last quarter. Brighton Jones LLC grew its holdings in shares of Public Storage by 9.7% during the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock worth $517,000 after purchasing an additional 152 shares in the last quarter. Meridian Wealth Management LLC bought a new position in shares of Public Storage in the fourth quarter worth $395,000. Finally, Asset Management One Co. Ltd. raised its stake in Public Storage by 1.2% in the first quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock valued at $92,960,000 after purchasing an additional 3,627 shares in the last quarter. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on PSA. Evercore ISI increased their price objective on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. Mizuho increased their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Royal Bank Of Canada decreased their price objective on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Scotiabank upped their target price on Public Storage from $305.00 to $340.00 and gave the stock a "sector outperform" rating in a research note on Monday, May 12th. Finally, Barclays reduced their target price on Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $337.64.

Public Storage Price Performance

PSA stock traded down $0.84 during midday trading on Thursday, reaching $296.27. 742,606 shares of the stock were exchanged, compared to its average volume of 751,059. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a fifty day moving average price of $298.75 and a 200 day moving average price of $297.38. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55. The stock has a market capitalization of $51.97 billion, a PE ratio of 29.42, a P/E/G ratio of 4.30 and a beta of 0.86.

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 earnings per share 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 company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same period in the previous year, the business posted $4.03 earnings per share. The business's quarterly revenue was up .1% compared to the same quarter last year. As a group, analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were issued 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 4.05%. Public Storage's dividend payout ratio (DPR) is presently 119.17%.

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.