Retirement Systems of Alabama Raises Stock Holdings in Public Storage (NYSE:PSA)

Retirement Systems of Alabama lifted its holdings in shares of Public Storage (NYSE:PSA) by 3.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 234,205 shares of the real estate investment trust’s stock after purchasing an additional 7,795 shares during the quarter. Retirement Systems of Alabama owned 0.13% of Public Storage worth $71,433,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. AdvisorNet Financial Inc boosted its stake in Public Storage by 3.2% in the fourth quarter. AdvisorNet Financial Inc now owns 1,139 shares of the real estate investment trust’s stock worth $347,000 after buying an additional 35 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in Public Storage by 4.1% in the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,097 shares of the real estate investment trust’s stock worth $289,000 after buying an additional 43 shares in the last quarter. Wealth Alliance boosted its stake in Public Storage by 5.3% in the third quarter. Wealth Alliance now owns 847 shares of the real estate investment trust’s stock worth $223,000 after buying an additional 43 shares in the last quarter. RB Capital Management LLC boosted its stake in Public Storage by 1.1% in the third quarter. RB Capital Management LLC now owns 3,978 shares of the real estate investment trust’s stock worth $1,048,000 after buying an additional 43 shares in the last quarter. Finally, Aspire Private Capital LLC boosted its stake in Public Storage by 44.0% in the third quarter. Aspire Private Capital LLC now owns 144 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE PSA traded down $0.95 during trading hours on Friday, hitting $257.73. The company’s stock had a trading volume of 577,684 shares, compared to its average volume of 582,087. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The company’s 50 day simple moving average is $278.68 and its two-hundred day simple moving average is $276.34. The company has a market cap of $45.28 billion, a P/E ratio of 23.30, a price-to-earnings-growth ratio of 3.38 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62.

Public Storage (NYSE:PSA) last released its quarterly earnings results 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). The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.16 earnings per share. As a group, sell-side analysts expect that Public Storage will post 16.92 EPS for the current fiscal year.

Public Storage Announces Dividend

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 of this dividend was Tuesday, March 12th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.66%. Public Storage’s payout ratio is currently 108.50%.

Wall Street Analysts Forecast Growth

PSA has been the subject of a number of analyst reports. Raymond James raised Public Storage from a “market perform” rating to a “strong-buy” rating and set a $330.00 price objective for the company in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on Public Storage in a research note on Tuesday, January 30th. They set a “sell” rating and a $250.00 price objective for the company. Barclays assumed coverage on Public Storage in a research note on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price target for the company. Wells Fargo & Company raised Public Storage from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $280.00 to $310.00 in a research note on Friday, April 5th. Finally, Scotiabank raised their price target on Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Public Storage presently 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.