Vestcor Inc Has $7.12 Million Position in Public Storage (NYSE:PSA)

Vestcor Inc boosted its position in shares of Public Storage (NYSE:PSA - Free Report) by 66.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,800 shares of the real estate investment trust's stock after acquiring an additional 9,522 shares during the quarter. Vestcor Inc's holdings in Public Storage were worth $7,123,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSA. Ameriflex Group Inc. acquired a new position in shares of Public Storage in the fourth quarter valued at about $30,000. Spectrum Wealth Counsel LLC acquired a new position in shares of Public Storage in the first quarter valued at about $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Public Storage in the fourth quarter valued at about $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Public Storage in the first quarter valued at about $36,000. Finally, Parvin Asset Management LLC acquired a new position in shares of Public Storage in the fourth quarter valued at about $38,000. 78.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PSA has been the topic of several research reports. Bank of America upped their price target 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. BNP Paribas Exane began coverage on shares of Public Storage in a research report on Tuesday, June 24th. They set an "outperform" rating and a $331.00 price objective for the company. Mizuho upped their price objective on shares of Public Storage from $287.00 to $309.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Evercore ISI upped their price objective on shares of Public Storage from $297.00 to $309.00 and gave the stock an "in-line" rating in a research report on Friday, May 2nd. Finally, Truist Financial raised shares of Public Storage from a "hold" rating to a "buy" rating and set a $310.00 price objective for the company in a research report on Thursday, April 10th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $336.93.

Public Storage Trading Down 5.7%

NYSE PSA traded down $16.52 during trading hours on Thursday, reaching $272.13. The company's stock had a trading volume of 1,848,401 shares, compared to its average volume of 809,115. The firm has a fifty day simple moving average of $294.16 and a 200-day simple moving average of $295.97. The stock has a market cap of $47.74 billion, a P/E ratio of 27.02, a P/E/G ratio of 4.26 and a beta of 0.86. Public Storage has a 52 week low of $256.60 and a 52 week high of $369.99. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.55 and a quick ratio of 0.55.

Public Storage (NYSE:PSA - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.23 by $0.05. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a net margin of 41.74% and a return on equity of 36.50%. The company's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.23 EPS. Equities analysts forecast that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.4%. Public Storage's dividend payout ratio (DPR) is 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.