Public Storage $PSA Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lowered its stake in shares of Public Storage (NYSE:PSA) by 15.8% during the second quarter, Holdings Channel reports. The fund owned 611,737 shares of the real estate investment trust’s stock after selling 114,730 shares during the period. California Public Employees Retirement System’s holdings in Public Storage were worth $179,496,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSA. Norges Bank acquired a new position in Public Storage during the 2nd quarter worth $1,153,971,000. Nuveen LLC purchased a new position in shares of Public Storage in the 1st quarter valued at about $271,196,000. Goldman Sachs Group Inc. grew its position in shares of Public Storage by 68.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,164,992 shares of the real estate investment trust’s stock worth $348,670,000 after buying an additional 475,342 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Public Storage during the second quarter worth approximately $94,297,000. Finally, 1832 Asset Management L.P. increased its stake in shares of Public Storage by 375.7% during the second quarter. 1832 Asset Management L.P. now owns 389,169 shares of the real estate investment trust’s stock worth $114,190,000 after buying an additional 307,357 shares during the period. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Public Storage Price Performance

Shares of NYSE:PSA opened at $271.74 on Monday. Public Storage has a 12 month low of $256.60 and a 12 month high of $336.80. The firm has a market capitalization of $47.68 billion, a P/E ratio of 28.22, a P/E/G ratio of 5.83 and a beta of 1.01. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.45 and a quick ratio of 0.45. The company’s fifty day moving average price is $285.15 and its 200 day moving average price is $288.60.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.24 by $0.07. Public Storage had a net margin of 39.53% and a return on equity of 36.09%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the firm posted $4.20 earnings per share. Public Storage’s revenue for the quarter was down 5.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. As a group, sell-side analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Monday, December 15th. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PSA. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $325.00 price target for the company in a research note on Monday, October 13th. Scotiabank lowered their target price on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 28th. Royal Bank Of Canada dropped their target price on Public Storage from $309.00 to $307.00 and set a “sector perform” rating on the stock in a report on Friday, October 31st. JPMorgan Chase & Co. decreased their price target on Public Storage from $321.00 to $316.00 and set an “overweight” rating for the company in a report on Wednesday, November 19th. Finally, Morgan Stanley assumed coverage on Public Storage in a research report on Friday. They set an “equal weight” rating and a $290.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Public Storage currently has an average rating of “Moderate Buy” and an average target price of $320.87.

Public Storage Company 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.