Public Storage (NYSE:PSA) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lessened its stake in Public Storage (NYSE:PSA) by 35.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,322 shares of the real estate investment trust’s stock after selling 58,275 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of Public Storage worth $30,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Brasada Capital Management LP boosted its holdings in shares of Public Storage by 1.9% in the second quarter. Brasada Capital Management LP now owns 23,937 shares of the real estate investment trust’s stock valued at $7,100,000 after acquiring an additional 435 shares during the period. Daiwa Securities Group Inc. boosted its stake in Public Storage by 9.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 707,952 shares of the real estate investment trust’s stock worth $203,642,000 after purchasing an additional 62,784 shares during the period. Global X Japan Co. Ltd. purchased a new position in Public Storage during the 2nd quarter worth $108,000. Edgemoor Investment Advisors Inc. increased its stake in Public Storage by 13.5% in the second quarter. Edgemoor Investment Advisors Inc. now owns 24,892 shares of the real estate investment trust’s stock valued at $7,160,000 after purchasing an additional 2,969 shares during the period. Finally, Davis Selected Advisers raised its holdings in shares of Public Storage by 5.6% in the second quarter. Davis Selected Advisers now owns 55,620 shares of the real estate investment trust’s stock valued at $15,999,000 after buying an additional 2,960 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on PSA shares. Wolfe Research raised Public Storage to a “strong-buy” rating in a report on Wednesday, September 4th. Barclays lifted their target price on Public Storage from $327.00 to $374.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price target for the company. in a research note on Thursday, August 1st. Bank of America cut shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a research note on Monday, August 5th. Finally, Evercore ISI raised their target price on shares of Public Storage from $330.00 to $334.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.21.

Public Storage Trading Down 0.1 %

Shares of PSA opened at $359.12 on Friday. Public Storage has a twelve month low of $233.18 and a twelve month high of $361.23. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $62.85 billion, a P/E ratio of 32.62, a PEG ratio of 5.72 and a beta of 0.67. The firm’s 50-day moving average is $318.81 and its two-hundred day moving average is $292.36.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing analysts’ consensus estimates of $4.20 by ($1.54). The firm had revenue of $921.70 million during the quarter, compared to analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.28 EPS. On average, research analysts predict that Public Storage will post 16.72 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 Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio (DPR) is presently 108.99%.

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.