Louisiana State Employees Retirement System Lowers Stock Position in Public Storage $PSA

Louisiana State Employees Retirement System cut its holdings in shares of Public Storage (NYSE:PSA) by 2.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,300 shares of the real estate investment trust’s stock after selling 200 shares during the period. Louisiana State Employees Retirement System’s holdings in Public Storage were worth $2,435,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in Public Storage by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock valued at $6,206,046,000 after buying an additional 143,575 shares during the last quarter. Wellington Management Group LLP grew its position in Public Storage by 1.0% in the 1st quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust’s stock valued at $894,177,000 after buying an additional 30,775 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Public Storage by 1.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,836,477 shares of the real estate investment trust’s stock valued at $848,425,000 after buying an additional 34,718 shares during the last quarter. Northern Trust Corp grew its position in Public Storage by 2.8% in the 1st quarter. Northern Trust Corp now owns 2,546,478 shares of the real estate investment trust’s stock valued at $762,135,000 after buying an additional 69,882 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Public Storage by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,134,493 shares of the real estate investment trust’s stock valued at $638,805,000 after buying an additional 12,204 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSA has been the topic of a number of analyst reports. UBS Group lowered their price objective on shares of Public Storage from $305.00 to $295.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 16th. Evercore ISI lifted their price objective on shares of Public Storage from $312.00 to $317.00 and gave the company a “cautious” rating in a research report on Friday, October 3rd. BNP Paribas upgraded shares of Public Storage to a “strong-buy” rating in a research report on Tuesday, June 24th. BNP Paribas Exane started coverage on Public Storage in a report on Tuesday, June 24th. They issued an “outperform” rating and a $331.00 target price for the company. Finally, Royal Bank Of Canada reduced their target price on Public Storage from $328.00 to $309.00 and set a “sector perform” rating for the company in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $322.92.

Public Storage Price Performance

Public Storage stock opened at $294.19 on Friday. Public Storage has a one year low of $256.60 and a one year high of $355.87. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.77 and a current ratio of 1.77. The business has a fifty day moving average of $287.61 and a two-hundred day moving average of $291.49. The company has a market cap of $51.62 billion, a P/E ratio of 32.08, a price-to-earnings-growth ratio of 4.88 and a beta of 0.89.

Public Storage (NYSE:PSA) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $4.28 EPS for the quarter, beating analysts’ consensus estimates of $4.23 by $0.05. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. Public Storage had a return on equity of 34.06% and a net margin of 38.13%.Public Storage’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $4.23 earnings per share. Public Storage has set its FY 2025 guidance at 16.450-17.00 EPS. As a group, 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 was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, September 15th. Public Storage’s payout ratio is 130.86%.

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.