Nisa Investment Advisors LLC Reduces Position in Public Storage (NYSE:PSA)

Nisa Investment Advisors LLC cut its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 14.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,352 shares of the real estate investment trust's stock after selling 13,042 shares during the period. Nisa Investment Advisors LLC's holdings in Public Storage were worth $22,851,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PSA. Ameriflex Group Inc. purchased a new stake in shares of Public Storage during the fourth quarter valued at $30,000. Strategic Investment Solutions Inc. IL bought a new position in Public Storage in the fourth quarter valued at about $32,000. Opal Wealth Advisors LLC bought a new position in shares of Public Storage in the first quarter worth about $36,000. Millstone Evans Group LLC bought a new position in shares of Public Storage in the fourth quarter worth about $38,000. Finally, Parvin Asset Management LLC bought a new position in shares of Public Storage in the fourth quarter worth about $38,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of Public Storage stock opened at $288.81 on Thursday. The stock has a market cap of $50.67 billion, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 4.21 and a beta of 0.86. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a 50 day moving average price of $298.62 and a 200-day moving average price of $297.03. Public Storage has a one year low of $256.60 and a one year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 EPS for the quarter, topping analysts' consensus estimates of $4.06 by $0.06. The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The company's quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.03 EPS. Equities analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's dividend payout ratio (DPR) is 119.17%.

Analysts Set New Price Targets

Several research firms have recently commented on PSA. Barclays decreased their price objective on Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Mizuho raised their price objective on Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Evercore ISI raised their price objective on Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. BNP Paribas raised Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, Scotiabank lifted their target price on Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a research note on Monday, May 12th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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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