Louisiana State Employees Retirement System Purchases Shares of 9,600 Public Storage (NYSE:PSA)

Louisiana State Employees Retirement System purchased a new stake in Public Storage (NYSE:PSA - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,600 shares of the real estate investment trust's stock, valued at approximately $2,928,000.

Other large investors have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC lifted its holdings in Public Storage by 16.1% in the third quarter. Integrated Wealth Concepts LLC now owns 9,741 shares of the real estate investment trust's stock valued at $2,567,000 after acquiring an additional 1,349 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Public Storage by 8.0% during the third quarter. The Manufacturers Life Insurance Company now owns 123,852 shares of the real estate investment trust's stock worth $32,638,000 after acquiring an additional 9,223 shares during the period. Raymond James & Associates increased its position in shares of Public Storage by 4.3% during the fourth quarter. Raymond James & Associates now owns 114,482 shares of the real estate investment trust's stock worth $34,917,000 after acquiring an additional 4,695 shares during the period. Ellsworth Advisors LLC increased its position in shares of Public Storage by 615.7% during the fourth quarter. Ellsworth Advisors LLC now owns 19,803 shares of the real estate investment trust's stock worth $6,040,000 after acquiring an additional 17,036 shares during the period. Finally, 1834 Investment Advisors Co. increased its position in shares of Public Storage by 115.3% during the fourth quarter. 1834 Investment Advisors Co. now owns 16,952 shares of the real estate investment trust's stock worth $5,170,000 after acquiring an additional 9,078 shares during the period. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Trading Down 1.3 %

Shares of PSA traded down $3.54 during mid-day trading on Tuesday, reaching $262.22. The company had a trading volume of 775,587 shares, compared to its average volume of 730,613. The stock has a market cap of $46.07 billion, a price-to-earnings ratio of 24.03, a price-to-earnings-growth ratio of 3.57 and a beta of 0.54. The firm has a fifty day simple moving average of $282.45 and a 200-day simple moving average of $276.58. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 1.58.

Public Storage (NYSE:PSA - Get Free Report) last posted its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business's revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.16 EPS. On average, sell-side analysts anticipate that Public Storage will post 16.93 EPS for the current fiscal year.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.58%. Public Storage's payout ratio is 108.50%.

Analysts Set New Price Targets

PSA has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a report on Tuesday, January 30th. They issued a "sell" rating and a $250.00 target price on the stock. BMO Capital Markets raised their price objective on Public Storage from $325.00 to $330.00 and gave the stock an "outperform" rating in a report on Tuesday, March 19th. Wells Fargo & Company raised Public Storage from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Truist Financial raised their price objective on Public Storage from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Thursday, December 28th. Finally, Scotiabank increased their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a "sector perform" rating in a research note on Monday, March 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $305.00.

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.