Retirement Systems of Alabama Cuts Stake in Public Storage $PSA

Retirement Systems of Alabama decreased its stake in Public Storage (NYSE:PSA) by 46.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 123,747 shares of the real estate investment trust’s stock after selling 107,349 shares during the period. Retirement Systems of Alabama’s holdings in Public Storage were worth $36,310,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Assetmark Inc. lifted its position in shares of Public Storage by 11.0% during the second quarter. Assetmark Inc. now owns 4,812 shares of the real estate investment trust’s stock worth $1,412,000 after purchasing an additional 476 shares in the last quarter. Hantz Financial Services Inc. lifted its holdings in Public Storage by 23.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 12,451 shares of the real estate investment trust’s stock worth $3,653,000 after buying an additional 2,394 shares in the last quarter. World Investment Advisors purchased a new position in Public Storage in the 2nd quarter valued at about $1,129,000. Bank of Jackson Hole Trust lifted its stake in shares of Public Storage by 23.5% in the second quarter. Bank of Jackson Hole Trust now owns 2,862 shares of the real estate investment trust’s stock worth $840,000 after acquiring an additional 545 shares in the last quarter. Finally, New York Life Investment Management LLC boosted its holdings in Public Storage by 1.4% in the second quarter. New York Life Investment Management LLC now owns 23,620 shares of the real estate investment trust’s stock valued at $6,931,000 after purchasing an additional 337 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on PSA. Evercore ISI lifted their price objective on Public Storage from $312.00 to $317.00 and gave the stock a “cautious” rating in a report on Friday, October 3rd. Barclays cut their price target on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Royal Bank Of Canada decreased their price target on Public Storage from $328.00 to $309.00 and set a “sector perform” rating for the company in a research note on Friday, August 1st. JPMorgan Chase & Co. lowered their price objective on Public Storage from $324.00 to $321.00 and set an “overweight” rating for the company in a report on Friday, September 12th. Finally, Wall Street Zen raised Public Storage from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $325.69.

Public Storage Price Performance

Shares of NYSE PSA opened at $280.62 on Friday. Public Storage has a 1-year low of $256.60 and a 1-year high of $355.87. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. The business’s fifty day moving average price is $292.95 and its two-hundred day moving average price is $293.11. The firm has a market capitalization of $49.24 billion, a PE ratio of 29.14, a P/E/G ratio of 4.72 and a beta of 0.89.

Public Storage (NYSE:PSA) last announced its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.24 by $0.07. Public Storage had a net margin of 39.53% and a return on equity of 35.67%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the previous year, the company posted $4.20 earnings per share. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, research analysts expect that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Monday, December 15th. Public Storage’s payout ratio is 130.86%.

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.