Public Storage (NYSE:PSA) Shares Acquired by Arizona State Retirement System

Arizona State Retirement System boosted its position in Public Storage (NYSE:PSA) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,840 shares of the real estate investment trust’s stock after buying an additional 426 shares during the quarter. Arizona State Retirement System’s holdings in Public Storage were worth $13,186,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Public Storage during the 4th quarter valued at $821,151,000. Daiwa Securities Group Inc. raised its stake in shares of Public Storage by 86.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 645,168 shares of the real estate investment trust’s stock valued at $187,137,000 after purchasing an additional 299,826 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Public Storage by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 1,100,705 shares of the real estate investment trust’s stock worth $319,270,000 after purchasing an additional 281,800 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after buying an additional 217,487 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Insider Activity at Public Storage

In other Public Storage news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $274.29, for a total transaction of $109,716.00. Following the sale, the insider now directly owns 3,214 shares in the company, valued at approximately $881,568.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 11.00% of the stock is currently owned by insiders.

Public Storage Price Performance

Shares of NYSE:PSA opened at $345.63 on Friday. The firm’s 50 day moving average is $313.10 and its two-hundred day moving average is $290.38. The firm has a market capitalization of $60.49 billion, a P/E ratio of 31.39, a PEG ratio of 5.69 and a beta of 0.67. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. Public Storage has a 52 week low of $233.18 and a 52 week high of $347.77.

Public Storage (NYSE:PSA) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the firm earned $4.28 EPS. The firm’s revenue was down 1.0% on a year-over-year basis. Analysts anticipate that Public Storage will post 16.72 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is currently 108.99%.

Wall Street Analysts Forecast Growth

PSA has been the topic of a number of research analyst reports. Scotiabank increased their target price on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a report on Thursday, August 22nd. Barclays raised their price objective on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Citigroup boosted their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Wells Fargo & Company raised their price target on shares of Public Storage from $310.00 to $320.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Truist Financial downgraded shares of Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $323.77.

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.