State of Michigan Retirement System Lowers Stock Position in Public Storage (NYSE:PSA)

State of Michigan Retirement System trimmed its position in Public Storage (NYSE:PSA) by 1.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 47,321 shares of the real estate investment trust’s stock after selling 700 shares during the quarter. State of Michigan Retirement System’s holdings in Public Storage were worth $13,612,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in Public Storage by 107.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new position in shares of Public Storage during the fourth quarter worth $30,000. EdgeRock Capital LLC purchased a new position in Public Storage during the fourth quarter valued at $32,000. OFI Invest Asset Management purchased a new stake in Public Storage in the 2nd quarter worth $32,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Public Storage during the 2nd quarter valued at about $36,000. Institutional investors own 78.79% of the company’s stock.

Insider Transactions at Public Storage

In related news, insider Nathaniel A. Vitan sold 400 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $274.29, for a total value of $109,716.00. Following the completion of the transaction, the insider now owns 3,214 shares in the company, valued at approximately $881,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.00% of the company’s stock.

Public Storage Stock Down 0.4 %

NYSE:PSA opened at $339.66 on Tuesday. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $342.99. The company’s 50-day simple moving average is $303.60 and its 200-day simple moving average is $286.63. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market capitalization of $59.69 billion, a P/E ratio of 30.85, a P/E/G ratio of 5.28 and a beta of 0.65.

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 return on equity of 36.55% and a net margin of 44.88%. The business had revenue of $921.70 million for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter last year, the firm earned $4.28 earnings per share. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, equities analysts anticipate that Public Storage will post 16.74 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.53%. Public Storage’s dividend payout ratio is currently 108.99%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PSA shares. Evercore ISI raised their target price on shares of Public Storage from $289.00 to $300.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Bank of America lowered 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 report on Monday, August 5th. Scotiabank boosted their target price on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. Barclays increased their price target on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Truist Financial cut Public Storage from a “buy” rating to a “hold” rating and set a $306.00 price objective for the company. in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $316.42.

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.