State of Alaska Department of Revenue Boosts Stock Position in Public Storage (NYSE:PSA)

State of Alaska Department of Revenue raised its position in shares of Public Storage (NYSE:PSA - Free Report) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,983 shares of the real estate investment trust's stock after buying an additional 1,281 shares during the quarter. State of Alaska Department of Revenue owned about 0.05% of Public Storage worth $28,725,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Kingswood Wealth Advisors LLC increased its position in Public Storage by 48.9% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,984 shares of the real estate investment trust's stock valued at $892,000 after buying an additional 980 shares in the last quarter. Wolf Group Capital Advisors purchased a new stake in shares of Public Storage in the first quarter worth $239,000. San Luis Wealth Advisors LLC bought a new position in shares of Public Storage during the first quarter valued at $608,000. Seven Post Investment Office LP increased its holdings in shares of Public Storage by 0.6% during the first quarter. Seven Post Investment Office LP now owns 29,250 shares of the real estate investment trust's stock valued at $8,754,000 after acquiring an additional 171 shares in the last quarter. Finally, WD Rutherford LLC raised its position in shares of Public Storage by 2.0% in the 1st quarter. WD Rutherford LLC now owns 6,072 shares of the real estate investment trust's stock worth $1,754,000 after purchasing an additional 121 shares during the last quarter. Institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Bank of America raised their price objective on shares of Public Storage from $368.00 to $380.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Mizuho raised their price target on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. Evercore ISI upped their price objective on Public Storage from $297.00 to $309.00 and gave the company an "in-line" rating in a research report on Friday, May 2nd. Royal Bank Of Canada cut their target price on 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. Finally, Truist Financial upgraded Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price target for the company in a research note on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and an average target price of $339.25.

Public Storage Stock Performance

Shares of PSA traded down $2.79 during trading hours on Wednesday, hitting $290.87. The stock had a trading volume of 766,836 shares, compared to its average volume of 746,908. Public Storage has a 12 month low of $256.60 and a 12 month high of $369.99. The stock has a fifty day moving average price of $297.90 and a 200 day moving average price of $300.04. 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 firm has a market capitalization of $51.03 billion, a PE ratio of 28.89, a PEG ratio of 4.26 and a beta of 0.89.

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 EPS for the quarter, beating the consensus estimate of $4.06 by $0.06. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the firm earned $4.03 EPS. The business's revenue for the quarter was up .1% compared to the same quarter last year. Analysts anticipate that Public Storage will post 16.7 EPS for the current year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be given a $3.00 dividend. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $12.00 annualized dividend and a yield of 4.13%. Public Storage's payout ratio 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.