Retirement Systems of Alabama Cuts Holdings in Public Storage (NYSE:PSA)

Retirement Systems of Alabama decreased its position in shares of Public Storage (NYSE:PSA - Free Report) by 0.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,096 shares of the real estate investment trust's stock after selling 1,872 shares during the quarter. Retirement Systems of Alabama owned 0.13% of Public Storage worth $69,165,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Ameriflex Group Inc. purchased a new stake in Public Storage during the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Public Storage in the 4th quarter worth about $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage in the 1st quarter worth about $36,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage in the 4th quarter worth about $38,000. Finally, Parvin Asset Management LLC purchased a new stake in shares of Public Storage in the 4th quarter worth about $38,000. Hedge funds and other institutional investors own 78.79% of the company's stock.

Public Storage Trading Down 0.2%

Shares of Public Storage stock traded down $0.69 during trading hours on Friday, reaching $290.12. 1,419,993 shares of the company's stock were exchanged, compared to its average volume of 748,783. The company has a fifty day moving average of $298.53 and a 200-day moving average of $299.30. Public Storage has a 52-week low of $256.60 and a 52-week high of $369.99. The firm has a market capitalization of $50.90 billion, a price-to-earnings ratio of 28.81, a price-to-earnings-growth ratio of 4.21 and a beta of 0.89. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.77.

Public Storage (NYSE:PSA - Get Free Report) last released its 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. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Public Storage had a return on equity of 36.50% and a net margin of 41.74%. The firm's revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the prior year, the business posted $4.03 earnings per share. Sell-side analysts forecast that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend is Thursday, June 12th. Public Storage's dividend payout ratio is currently 119.17%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PSA. Scotiabank upped their price target on shares of Public Storage from $305.00 to $340.00 and gave the company a "sector outperform" rating in a report on Monday, May 12th. Evercore ISI upped their target price on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research note on Friday, May 2nd. Bank of America upped their target price on Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Wells Fargo & Company reduced their price objective on Public Storage from $365.00 to $330.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. 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 report on Wednesday, May 28th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $338.15.

Public Storage 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.