State Board of Administration of Florida Retirement System Has $44.04 Million Position in Public Storage (PSA)

State Board of Administration of Florida Retirement System boosted its position in Public Storage (NYSE:PSA) by 0.3% during the 1st quarter, HoldingsChannel reports. The fund owned 202,205 shares of the real estate investment trust’s stock after acquiring an additional 660 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Public Storage were worth $44,036,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Flippin Bruce & Porter Inc. raised its holdings in Public Storage by 2.8% during the first quarter. Flippin Bruce & Porter Inc. now owns 22,240 shares of the real estate investment trust’s stock worth $4,843,000 after purchasing an additional 598 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Public Storage by 13.8% during the first quarter. Victory Capital Management Inc. now owns 844,968 shares of the real estate investment trust’s stock worth $184,017,000 after purchasing an additional 102,314 shares in the last quarter. Stevens Capital Management LP acquired a new stake in Public Storage during the first quarter worth approximately $6,412,000. Cornerstone Advisors Inc. raised its holdings in Public Storage by 42.3% during the first quarter. Cornerstone Advisors Inc. now owns 202 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 60 shares in the last quarter. Finally, Grimes & Company Inc. acquired a new stake in Public Storage during the first quarter worth approximately $209,000. 81.56% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have weighed in on PSA shares. Argus raised their price objective on shares of Public Storage to $240.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Jefferies Financial Group raised shares of Public Storage from an “underperform” rating to a “hold” rating and raised their price objective for the stock from $181.00 to $201.00 in a report on Tuesday, April 9th. Barclays reissued a “hold” rating and set a $215.00 price objective on shares of Public Storage in a report on Thursday, March 7th. Bank of America set a $230.00 price objective on shares of Public Storage and gave the stock a “hold” rating in a report on Friday, March 1st. Finally, Zacks Investment Research raised shares of Public Storage from a “sell” rating to a “hold” rating in a report on Tuesday, February 12th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $211.88.

Shares of Public Storage stock opened at $225.51 on Friday. The firm has a market capitalization of $38.89 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 5.21 and a beta of 0.26. Public Storage has a 12 month low of $193.89 and a 12 month high of $234.90. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.58 and a current ratio of 0.58.

Public Storage (NYSE:PSA) last announced its earnings results on Wednesday, May 1st. The real estate investment trust reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.52 by ($0.79). The business had revenue of $689.00 million during the quarter, compared to analyst estimates of $685.75 million. Public Storage had a net margin of 62.54% and a return on equity of 34.73%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.48 earnings per share. As a group, equities research analysts expect that Public Storage will post 10.7 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Wednesday, June 12th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, June 11th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.55%. Public Storage’s payout ratio is 75.76%.

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Public Storage 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 March 31, 2019, we had: (i) interests in 2,444 self-storage facilities located in 38 states with approximately 164 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 231 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2019.

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Institutional Ownership by Quarter for Public Storage (NYSE:PSA)

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