California Public Employees Retirement System Sells 11,905 Shares of Public Storage (NYSE:PSA)

California Public Employees Retirement System cut its holdings in Public Storage (NYSE:PSA) by 1.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 955,609 shares of the real estate investment trust’s stock after selling 11,905 shares during the quarter. California Public Employees Retirement System owned 0.54% of Public Storage worth $291,461,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PSA. Private Ocean LLC raised its stake in Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 109 shares during the last quarter. Centerpoint Advisors LLC purchased a new stake in Public Storage during the 4th quarter valued at $35,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Public Storage during the 4th quarter valued at $35,000. Avior Wealth Management LLC raised its stake in Public Storage by 49.5% during the 3rd quarter. Avior Wealth Management LLC now owns 145 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 48 shares during the last quarter. Finally, Aspire Private Capital LLC raised its stake in Public Storage by 44.0% during the 3rd quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 44 shares during the last quarter. 78.79% of the stock is owned by institutional investors.

Public Storage Trading Up 0.1 %

Shares of NYSE:PSA traded up $0.26 during trading on Tuesday, reaching $261.70. 75,484 shares of the company were exchanged, compared to its average volume of 718,536. The firm has a market capitalization of $45.98 billion, a PE ratio of 23.64, a P/E/G ratio of 3.42 and a beta of 0.54. The business’s fifty day simple moving average is $280.36 and its 200-day simple moving average is $276.63. Public Storage has a 12-month low of $233.18 and a 12-month high of $312.25. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62.

Public Storage (NYSE:PSA) last issued its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the business posted $4.16 earnings per share. The business’s revenue was up 6.6% compared to the same quarter last year. On average, research analysts anticipate that Public Storage will post 16.92 EPS for the current year.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were paid 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 4.59%. Public Storage’s payout ratio is currently 108.50%.

Analyst Ratings Changes

Several research firms have recently commented on PSA. Truist Financial upped their price objective on Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday, December 28th. 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. Wells Fargo & Company raised shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $280.00 to $310.00 in a report on Friday, April 5th. Scotiabank upped 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, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Public Storage in a report on Tuesday, January 30th. They issued a “sell” rating and a $250.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Public Storage has a consensus rating of “Moderate Buy” and a consensus price target of $305.00.

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.