Maryland State Retirement & Pension System Buys 228 Shares of Public Storage (NYSE:PSA)

Maryland State Retirement & Pension System grew its stake in shares of Public Storage (NYSE:PSA) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,194 shares of the real estate investment trust’s stock after buying an additional 228 shares during the period. Maryland State Retirement & Pension System’s holdings in Public Storage were worth $3,719,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of PSA. Second Half Financial Partners LLC bought a new stake in Public Storage during the 3rd quarter worth approximately $290,129,000. JPMorgan Chase & Co. grew its holdings in shares of Public Storage by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after acquiring an additional 729,262 shares in the last quarter. Lazard Asset Management LLC raised its holdings in Public Storage by 555.6% during the third quarter. Lazard Asset Management LLC now owns 615,154 shares of the real estate investment trust’s stock worth $162,104,000 after acquiring an additional 521,322 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Public Storage by 22.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,470,839 shares of the real estate investment trust’s stock valued at $633,949,000 after purchasing an additional 451,864 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Public Storage by 29.0% during the 3rd quarter. Invesco Ltd. now owns 1,141,415 shares of the real estate investment trust’s stock worth $300,786,000 after purchasing an additional 256,326 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on PSA shares. BMO Capital Markets boosted their price objective on shares of Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Wells Fargo & Company upgraded Public Storage from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $280.00 to $310.00 in a research note on Friday, April 5th. Barclays initiated coverage on shares of Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a research note on Tuesday, January 30th. They issued a “sell” rating and a $250.00 price objective for the company. Finally, The Goldman Sachs Group raised 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Price Performance

Shares of Public Storage stock traded up $4.40 during trading on Tuesday, reaching $273.59. 315,281 shares of the company’s stock were exchanged, compared to its average volume of 725,803. The firm’s 50-day moving average price is $276.25 and its 200 day moving average price is $276.08. The company has a market cap of $48.07 billion, a P/E ratio of 24.45, a PEG ratio of 3.49 and a beta of 0.57. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.54 and a current ratio of 0.54. Public Storage has a 1-year low of $233.18 and a 1-year high of $312.25.

Public Storage (NYSE:PSA) last released its quarterly earnings data 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). Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the company earned $4.16 EPS. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts anticipate that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 13th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s payout ratio is presently 108.99%.

About Public Storage

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.