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Maryland State Retirement & Pension System Cuts Stock Position in Public Storage (NYSE:PSA)

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Key Points

  • The Maryland State Retirement & Pension System reduced its holdings in Public Storage by 12.5%, owning 7,393 shares worth approximately $2.21 million as of the latest filing.
  • Public Storage reported earnings of $4.28 EPS for the last quarter, exceeding the consensus estimate by $0.05, with a revenue of $1.20 billion, matching expectations.
  • Analyst ratings for Public Storage vary, with target prices ranging from $287.00 to $351.00, maintaining a consensus rating of "Moderate Buy."
  • Looking to Export and Analyze Public Storage Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Maryland State Retirement & Pension System lowered its stake in shares of Public Storage (NYSE:PSA - Free Report) by 12.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,393 shares of the real estate investment trust's stock after selling 1,052 shares during the period. Maryland State Retirement & Pension System's holdings in Public Storage were worth $2,213,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Shum Financial Group Inc. boosted its holdings in Public Storage by 1.7% during the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock worth $625,000 after buying an additional 35 shares in the last quarter. Lido Advisors LLC raised its position in Public Storage by 0.9% during the fourth quarter. Lido Advisors LLC now owns 4,298 shares of the real estate investment trust's stock worth $1,287,000 after acquiring an additional 39 shares during the last quarter. Meeder Advisory Services Inc. raised its position in Public Storage by 1.1% during the first quarter. Meeder Advisory Services Inc. now owns 3,581 shares of the real estate investment trust's stock worth $1,072,000 after acquiring an additional 39 shares during the last quarter. Meeder Asset Management Inc. raised its position in Public Storage by 3.1% during the first quarter. Meeder Asset Management Inc. now owns 1,295 shares of the real estate investment trust's stock worth $388,000 after acquiring an additional 39 shares during the last quarter. Finally, Integrated Advisors Network LLC raised its position in Public Storage by 1.4% during the fourth quarter. Integrated Advisors Network LLC now owns 3,067 shares of the real estate investment trust's stock worth $918,000 after acquiring an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Trading Down 0.7%

PSA stock traded down $2.01 on Friday, hitting $281.88. 434,986 shares of the company were exchanged, compared to its average volume of 914,860. Public Storage has a twelve month low of $256.60 and a twelve month high of $369.99. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The business's fifty day moving average is $291.28 and its two-hundred day moving average is $295.36. The stock has a market capitalization of $49.46 billion, a price-to-earnings ratio of 30.74, a price-to-earnings-growth ratio of 4.11 and a beta of 0.86.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the prior year, the business posted $4.23 earnings per share. Public Storage's revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, research analysts forecast that Public Storage will post 16.7 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PSA shares. Bank of America lifted their target price on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Evercore ISI lifted their target price on shares of Public Storage from $308.00 to $309.00 and gave the stock an "in-line" rating in a research report on Monday, August 4th. Mizuho lifted their target price 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. BNP Paribas Exane started coverage on shares of Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 target price for the company. Finally, BMO Capital Markets cut shares of Public Storage from an "outperform" rating to a "market perform" rating and cut their target price for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Public Storage has a consensus rating of "Moderate Buy" and an average target price of $335.43.

Check Out Our Latest Report on Public Storage

About Public Storage

(Free Report)

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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