Public Storage (NYSE:PSA) Shares Acquired by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its position in shares of Public Storage (NYSE:PSA - Free Report) by 3.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 234,205 shares of the real estate investment trust's stock after acquiring an additional 7,795 shares during the period. Retirement Systems of Alabama owned 0.13% of Public Storage worth $71,433,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Private Ocean LLC lifted its position in 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 valued at $34,000 after acquiring an additional 109 shares during the last quarter. Centerpoint Advisors LLC purchased a new position in shares of Public Storage in the fourth quarter worth $35,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Public Storage in the fourth quarter worth $35,000. Avior Wealth Management LLC raised its holdings in shares of Public Storage by 49.5% in 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 during the last quarter. Finally, Aspire Private Capital LLC raised its holdings in shares of Public Storage by 44.0% in 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 during the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on PSA. Raymond James raised shares of Public Storage from a "market perform" rating to a "strong-buy" rating and set a $330.00 price target for the company in a report on Thursday, March 28th. BMO Capital Markets raised their price target on shares of Public Storage from $325.00 to $330.00 and gave the stock an "outperform" rating in a report on Tuesday, March 19th. The Goldman Sachs Group raised their price target 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 raised their target price on shares of Public Storage from $267.00 to $270.00 and gave the stock a "sector perform" rating in a report on Monday, March 18th. Finally, Wells Fargo & Company raised shares of Public Storage from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $280.00 to $310.00 in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of "Moderate Buy" and a consensus target price of $305.00.

Public Storage Stock Performance

PSA stock traded down $0.95 during midday trading on Friday, hitting $257.73. 577,684 shares of the stock traded hands, compared to its average volume of 582,087. The firm has a market cap of $45.28 billion, a P/E ratio of 23.30, a PEG ratio of 3.38 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The stock's fifty day simple moving average is $278.68 and its 200-day simple moving average is $276.34. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing the consensus estimate of $4.15 by ($1.94). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the business posted $4.16 EPS. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. On average, analysts expect that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a $3.00 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 annualized dividend and a dividend yield of 4.66%. Public Storage's dividend payout ratio (DPR) is 108.50%.

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.