Public Storage (NYSE:PSA) Stock Holdings Lifted by Retirement Systems of Alabama

Retirement Systems of Alabama raised its stake in Public Storage (NYSE:PSA) by 3.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 234,205 shares of the real estate investment trust’s stock after buying an additional 7,795 shares during the period. Retirement Systems of Alabama’s holdings in Public Storage were worth $71,433,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Legacy Capital Wealth Partners LLC purchased a new position in shares of Public Storage during the 4th quarter valued at $228,000. PGGM Investments grew its holdings in shares of Public Storage by 15.1% during the 4th quarter. PGGM Investments now owns 181,398 shares of the real estate investment trust’s stock valued at $55,326,000 after acquiring an additional 23,848 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Public Storage by 0.9% during the 4th quarter. Russell Investments Group Ltd. now owns 812,793 shares of the real estate investment trust’s stock valued at $248,236,000 after acquiring an additional 7,414 shares in the last quarter. Alexander Randolph Advisory Inc. purchased a new position in shares of Public Storage during the 4th quarter valued at $245,000. Finally, Golden State Equity Partners purchased a new position in shares of Public Storage during the 4th quarter valued at $204,000. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PSA shares. The Goldman Sachs Group upped their price objective 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. Raymond James upgraded shares of Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a report on Thursday, March 28th. Barclays began coverage on shares of Public Storage in a report on Wednesday, March 27th. They set an “overweight” rating and a $330.00 price target for the company. Scotiabank upped their price target 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. Finally, Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and upped their price target for the company 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 issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and a consensus target price of $305.00.

Public Storage Stock Down 0.4 %

Shares of NYSE:PSA traded down $0.95 during midday trading on Friday, reaching $257.73. 577,684 shares of the company were exchanged, compared to its average volume of 582,087. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $312.25. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 1.58. The stock has a fifty day simple moving average of $278.68 and a two-hundred day simple moving average of $276.34. The firm has a market cap of $45.28 billion, a PE ratio of 23.30, a P/E/G ratio of 3.38 and a beta of 0.54.

Public Storage (NYSE:PSA) 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). Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the previous year, the firm posted $4.16 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts forecast that Public Storage will post 16.92 earnings per share for the current year.

Public Storage Announces Dividend

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