Louisiana State Employees Retirement System Invests $2.93 Million in Public Storage (NYSE:PSA)

Louisiana State Employees Retirement System purchased a new stake in Public Storage (NYSE:PSA) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 9,600 shares of the real estate investment trust’s stock, valued at approximately $2,928,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Public Storage in the 4th quarter valued at $670,512,000. Moneta Group Investment Advisors LLC raised its holdings in Public Storage by 111,535.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 1,246,968 shares of the real estate investment trust’s stock valued at $349,388,000 after acquiring an additional 1,245,851 shares in the last quarter. Second Half Financial Partners LLC acquired a new position in Public Storage in the 3rd quarter valued at $290,129,000. Price T Rowe Associates Inc. MD raised its holdings in Public Storage by 63.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,755,605 shares of the real estate investment trust’s stock valued at $832,580,000 after acquiring an additional 1,071,347 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in 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. 78.79% of the stock is currently owned by institutional investors.

Public Storage Price Performance

Shares of PSA opened at $265.76 on Tuesday. Public Storage has a 1 year low of $233.18 and a 1 year high of $312.25. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market capitalization of $46.69 billion, a price-to-earnings ratio of 24.03, a price-to-earnings-growth ratio of 3.57 and a beta of 0.54. The business has a 50-day moving average of $282.45 and a 200-day moving average of $276.58.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 35.31% and a net margin of 45.34%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the business earned $4.16 earnings per share. Public Storage’s revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Public Storage will post 16.93 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Wednesday, March 13th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.52%. Public Storage’s dividend payout ratio (DPR) is 108.50%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a report on Tuesday, January 30th. They set a “sell” rating and a $250.00 price target for the company. Truist Financial boosted their price target on Public Storage from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, December 28th. BMO Capital Markets boosted their price target on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a report on Tuesday, March 19th. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price target for the company in a report on Thursday, March 28th. Finally, Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $280.00 to $310.00 in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $305.00.

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.