State of New Jersey Common Pension Fund D Sells 5,439 Shares of Public Storage $PSA

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Public Storage (NYSE:PSA) by 5.0%, now owning approximately 103,465 shares valued at around $30.97 million.
• Public Storage reported $4.28 earnings per share for the last quarter, exceeding analysts' expectations, with revenue stable at $1.20 billion.
• Analysts have given Public Storage a consensus rating of "Moderate Buy" with a target price of approximately $331.93, reflecting varied positions from "buy" to "sell."

State of New Jersey Common Pension Fund D lessened its stake in shares of Public Storage (NYSE:PSA - Free Report) by 5.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 103,465 shares of the real estate investment trust's stock after selling 5,439 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.06% of Public Storage worth $30,966,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PSA. Nuveen LLC acquired a new position in shares of Public Storage during the 1st quarter worth $271,196,000. Northern Trust Corp lifted its holdings in shares of Public Storage by 43.4% during the 4th quarter. Northern Trust Corp now owns 2,476,596 shares of the real estate investment trust's stock worth $741,592,000 after acquiring an additional 749,913 shares during the period. GAMMA Investing LLC raised its holdings in Public Storage by 34,827.1% in the first quarter. GAMMA Investing LLC now owns 524,955 shares of the real estate investment trust's stock valued at $157,114,000 after buying an additional 523,452 shares during the period. Deutsche Bank AG raised its holdings in Public Storage by 44.6% in the fourth quarter. Deutsche Bank AG now owns 1,407,754 shares of the real estate investment trust's stock valued at $421,538,000 after buying an additional 433,918 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Public Storage in the fourth quarter valued at approximately $99,157,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Public Storage Price Performance

NYSE:PSA traded up $0.4460 during trading hours on Wednesday, hitting $287.7960. 393,619 shares of the company's stock traded hands, compared to its average volume of 802,602. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The business's fifty day simple moving average is $288.24 and its two-hundred day simple moving average is $294.68. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The firm has a market cap of $50.49 billion, a P/E ratio of 31.39, a P/E/G ratio of 4.66 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.23 by $0.05. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.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 previous year, the company posted $4.23 earnings per share. The company's revenue was up 2.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. On average, research analysts anticipate that Public Storage will post 16.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Mizuho lifted their price target on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Barclays dropped their price target on shares of Public Storage from $351.00 to $349.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Bank of America lifted their price target on shares of Public Storage from $368.00 to $380.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. 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 note on Friday, June 20th. Finally, BNP Paribas Exane started coverage on shares of Public Storage in a report on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $335.43.

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.