New York State Common Retirement Fund Has $85.40 Million Stock Holdings in Public Storage (NYSE:PSA)

New York State Common Retirement Fund cut its stake in shares of Public Storage (NYSE:PSA - Free Report) by 5.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 279,984 shares of the real estate investment trust's stock after selling 15,489 shares during the period. New York State Common Retirement Fund owned about 0.16% of Public Storage worth $85,395,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in PSA. Private Ocean LLC grew its holdings in shares of Public Storage by 5,450.0% during the fourth quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust's stock worth $34,000 after buying an additional 109 shares in the last quarter. Centerpoint Advisors LLC purchased a new stake in shares of Public Storage during the fourth quarter worth $35,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Public Storage during the fourth quarter worth $35,000. Avior Wealth Management LLC grew its holdings in shares of Public Storage by 49.5% during the third quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust's stock worth $38,000 after buying an additional 48 shares in the last quarter. Finally, Aspire Private Capital LLC grew its holdings in shares of Public Storage by 44.0% during the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust's stock worth $38,000 after buying an additional 44 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Public Storage Stock Up 0.3 %

Shares of PSA traded up $0.78 during mid-day trading on Tuesday, hitting $262.22. 512,849 shares of the company's stock were exchanged, compared to its average volume of 724,672. The company has a market cap of $46.07 billion, a price-to-earnings ratio of 23.64, a P/E/G ratio of 3.42 and a beta of 0.54. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.62 and a current ratio of 0.62. The stock's 50-day moving average is $280.36 and its 200-day moving average is $276.63.

Public Storage (NYSE:PSA - Get Free Report) last issued its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) 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 return on equity of 35.31% and a net margin of 45.34%. The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company posted $4.16 EPS. On average, sell-side analysts anticipate that Public Storage will post 16.92 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PSA. The Goldman Sachs Group upped their target price on shares of Public Storage from $307.00 to $340.00 and gave the stock a "buy" rating in a report on Thursday, January 11th. Scotiabank upped their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a "sector perform" rating in a report on Monday, March 18th. Barclays initiated coverage on shares of Public Storage in a report on Wednesday, March 27th. They issued an "overweight" rating and a $330.00 price objective for the company. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Public Storage in a research note on Tuesday, January 30th. They set a "sell" rating and a $250.00 target price for the company. Finally, Truist Financial increased their target price on shares of Public Storage from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Thursday, December 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Public Storage currently has an average rating of "Moderate Buy" and a consensus price target 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.