Public Storage (NYSE:PSA) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its position in shares of Public Storage (NYSE:PSA - Free Report) by 19.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 220,609 shares of the real estate investment trust's stock after selling 52,819 shares during the period. New York State Common Retirement Fund owned 0.13% of Public Storage worth $80,273,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Stephens Inc. AR raised its holdings in Public Storage by 3.2% during the third quarter. Stephens Inc. AR now owns 36,925 shares of the real estate investment trust's stock worth $13,436,000 after purchasing an additional 1,146 shares in the last quarter. Reston Wealth Management LLC purchased a new position in shares of Public Storage in the 3rd quarter valued at $80,000. Baron Silver Stevens Financial Advisors LLC acquired a new stake in Public Storage during the 3rd quarter worth $279,000. IRON Financial LLC purchased a new stake in Public Storage in the third quarter valued at $216,000. Finally, HM Payson & Co. boosted its stake in Public Storage by 17.8% in the third quarter. HM Payson & Co. now owns 424 shares of the real estate investment trust's stock valued at $154,000 after acquiring an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PSA. Bank of America downgraded Public Storage from a "buy" rating to a "neutral" rating and set a $318.00 target price for the company. in a report on Monday, August 5th. Evercore ISI reduced their price objective on Public Storage from $343.00 to $338.00 and set an "in-line" rating for the company in a research note on Monday, October 14th. Scotiabank increased their price objective on Public Storage from $308.00 to $339.00 and gave the company a "sector perform" rating in a report on Thursday, August 22nd. Royal Bank of Canada started coverage on shares of Public Storage in a report on Tuesday, September 10th. They issued a "sector perform" rating and a $358.00 target price on the stock. Finally, Morgan Stanley increased their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $341.43.

Public Storage Stock Performance

Shares of PSA stock traded down $5.40 during trading hours on Friday, reaching $323.66. 1,058,437 shares of the company's stock were exchanged, compared to its average volume of 629,222. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.97 and a quick ratio of 0.93. The company's 50 day moving average is $347.69 and its two-hundred day moving average is $309.14. The company has a market cap of $56.65 billion, a P/E ratio of 33.61, a price-to-earnings-growth ratio of 4.64 and a beta of 0.70. Public Storage has a 1 year low of $241.60 and a 1 year high of $369.99.

Public Storage (NYSE:PSA - Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to analysts' expectations of $1.16 billion. Public Storage had a return on equity of 34.07% and a net margin of 40.54%. The company's revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.28 EPS. Equities research analysts anticipate that Public Storage will post 16.73 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $3.00 dividend. The ex-dividend date is Friday, December 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.71%. Public Storage's dividend payout ratio is presently 124.61%.

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.