Teacher Retirement System of Texas Cuts Stock Position in Public Storage (NYSE:PSA)

Teacher Retirement System of Texas decreased its position in Public Storage (NYSE:PSA - Free Report) by 53.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,756 shares of the real estate investment trust's stock after selling 54,648 shares during the period. Teacher Retirement System of Texas' holdings in Public Storage were worth $13,994,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PSA. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Public Storage by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 136,676 shares of the real estate investment trust's stock valued at $40,926,000 after acquiring an additional 31,662 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Public Storage by 12.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 44,236 shares of the real estate investment trust's stock valued at $13,240,000 after purchasing an additional 4,746 shares in the last quarter. Brighton Jones LLC grew its stake in shares of Public Storage by 9.7% in the 1st quarter. Brighton Jones LLC now owns 1,726 shares of the real estate investment trust's stock valued at $517,000 after purchasing an additional 152 shares during the period. Asset Management One Co. Ltd. raised its holdings in shares of Public Storage by 1.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 310,601 shares of the real estate investment trust's stock worth $92,960,000 after buying an additional 3,627 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Public Storage by 1,360.5% in the 4th quarter. Meeder Asset Management Inc. now owns 1,256 shares of the real estate investment trust's stock worth $376,000 after buying an additional 1,170 shares in the last quarter. Institutional investors own 78.79% of the company's stock.

Analyst Ratings Changes

PSA has been the topic of several recent analyst reports. Mizuho boosted their target price on shares of Public Storage from $287.00 to $309.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Royal Bank Of Canada cut their price target on shares of Public Storage from $329.00 to $328.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. BNP Paribas upgraded shares of Public Storage to a "strong-buy" rating in a research report on Tuesday, June 24th. Barclays decreased their price objective on shares of Public Storage from $354.00 to $351.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Finally, BNP Paribas Exane started coverage on shares of Public Storage in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $331.00 target price for the company. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and an average target price of $337.64.

Public Storage Trading Down 0.3%

PSA traded down $0.84 during trading on Friday, reaching $296.27. 742,606 shares of the company's stock were exchanged, compared to its average volume of 751,059. The stock has a market capitalization of $51.97 billion, a PE ratio of 29.42, a price-to-earnings-growth ratio of 4.29 and a beta of 0.86. 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 has a one year low of $256.60 and a one year high of $369.99. The firm has a fifty day moving average price of $298.90 and a two-hundred day moving average price of $297.13.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $4.12 earnings per share 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 company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the business posted $4.03 EPS. Public Storage's revenue for the quarter was up .1% compared to the same quarter last year. As a group, equities research analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Thursday, June 12th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend was Thursday, June 12th. Public Storage's dividend payout ratio is presently 119.17%.

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.