Public Storage (NYSE:PSA) Stock Position Raised by Arizona State Retirement System

Arizona State Retirement System raised its stake in Public Storage (NYSE:PSA - Free Report) by 2.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,270 shares of the real estate investment trust's stock after acquiring an additional 1,156 shares during the quarter. Arizona State Retirement System's holdings in Public Storage were worth $13,848,000 at the end of the most recent quarter.

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

Public Storage Stock Performance

PSA stock traded up $1.45 on Wednesday, reaching $285.36. The company's stock had a trading volume of 982,643 shares, compared to its average volume of 764,658. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a market capitalization of $50.06 billion, a P/E ratio of 28.34, a price-to-earnings-growth ratio of 4.18 and a beta of 0.86. The firm has a fifty day moving average of $297.66 and a two-hundred day moving average of $296.66. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.06 by $0.06. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The firm's quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the company posted $4.03 EPS. As a group, analysts predict that Public Storage will post 16.7 EPS 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. This represents a $12.00 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's payout ratio is currently 119.17%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. BMO Capital Markets downgraded Public Storage from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $340.00 to $325.00 in a research report on Friday, June 20th. Bank of America upped their target price on Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a research note on Thursday, April 10th. BNP Paribas upgraded Public Storage to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, Mizuho upped their price objective on Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $337.64.

About Public Storage

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.