State of Alaska Department of Revenue Sells 971 Shares of Public Storage $PSA

Key Points

• The State of Alaska Department of Revenue reduced its stake in Public Storage by selling 971 shares, now holding approximately 0.05% of the company, valued at $27.9 million.
• Public Storage recently declared a $3.00 quarterly dividend, representing a 4.2% yield, with a high dividend payout ratio of 130.86%.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Public Storage, with target prices varying from $295.00 to $349.00, reflecting a cautious outlook on the stock.

State of Alaska Department of Revenue trimmed its holdings in shares of Public Storage (NYSE:PSA - Free Report) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,012 shares of the real estate investment trust's stock after selling 971 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.05% of Public Storage worth $27,877,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Retirement Planning Co of New England Inc. boosted its position in shares of Public Storage by 1.6% in the first quarter. Retirement Planning Co of New England Inc. now owns 2,084 shares of the real estate investment trust's stock worth $624,000 after purchasing an additional 33 shares during the period. Shum Financial Group Inc. boosted its position in shares of Public Storage by 1.7% in the first quarter. Shum Financial Group Inc. now owns 2,089 shares of the real estate investment trust's stock worth $625,000 after purchasing an additional 35 shares during the period. Whitener Capital Management Inc. boosted its position in shares of Public Storage by 2.3% in the second quarter. Whitener Capital Management Inc. now owns 1,610 shares of the real estate investment trust's stock worth $472,000 after purchasing an additional 36 shares during the period. Mather Group LLC. boosted its position in shares of Public Storage by 4.6% in the second quarter. Mather Group LLC. now owns 864 shares of the real estate investment trust's stock worth $253,000 after purchasing an additional 38 shares during the period. Finally, Meeder Advisory Services Inc. boosted its position in shares of Public Storage by 1.1% in 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 purchasing an additional 39 shares during the period. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. BMO Capital Markets lowered shares of Public Storage from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $340.00 to $325.00 in a research report on Friday, June 20th. BNP Paribas Exane began coverage on shares of Public Storage in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price target for the company. UBS Group lowered their target price on shares of Public Storage from $305.00 to $295.00 and set a "neutral" rating on the stock in a report on Tuesday, September 16th. JPMorgan Chase & Co. lowered their target price on shares of Public Storage from $324.00 to $321.00 and set an "overweight" rating on the stock in a report on Friday, September 12th. Finally, Barclays lowered their target price on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, Public Storage has a consensus rating of "Moderate Buy" and a consensus price target of $322.00.

Public Storage Price Performance

PSA stock opened at $286.59 on Friday. The company has a market capitalization of $50.28 billion, a PE ratio of 31.25, a price-to-earnings-growth ratio of 4.65 and a beta of 0.86. The company's fifty day moving average price is $286.47 and its 200-day moving average price is $291.78. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. 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 released its quarterly earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 38.13% and a return on equity of 34.06%. Public Storage's revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, equities analysts anticipate that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $3.00 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $12.00 dividend on an annualized basis and a yield of 4.2%. Public Storage's dividend payout ratio is presently 130.86%.

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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