State of Michigan Retirement System Decreases Stake in Public Storage $PSA

State of Michigan Retirement System lessened its holdings in shares of Public Storage (NYSE:PSA) by 2.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,021 shares of the real estate investment trust’s stock after selling 1,100 shares during the quarter. State of Michigan Retirement System’s holdings in Public Storage were worth $13,503,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Nuveen LLC acquired a new stake in shares of Public Storage in the first quarter worth $271,196,000. Goldman Sachs Group Inc. lifted its holdings in shares of Public Storage by 68.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,164,992 shares of the real estate investment trust’s stock valued at $348,670,000 after acquiring an additional 475,342 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Public Storage during the 2nd quarter worth $94,297,000. Vanguard Group Inc. increased its holdings in Public Storage by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock valued at $6,206,046,000 after purchasing an additional 143,575 shares in the last quarter. Finally, Deutsche Bank AG raised its position in Public Storage by 9.8% in the first quarter. Deutsche Bank AG now owns 1,546,240 shares of the real estate investment trust’s stock valued at $462,774,000 after purchasing an additional 138,486 shares during the period. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Analysts Set New Price Targets

PSA has been the subject of several analyst reports. UBS Group decreased their target price on Public Storage from $305.00 to $295.00 and set a “neutral” rating for the company in a research report on Tuesday, September 16th. Evercore ISI upped their price target on Public Storage from $312.00 to $317.00 and gave the stock a “cautious” rating in a report on Friday, October 3rd. Barclays lowered their price objective on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “hold” rating to a “buy” rating and set a $325.00 target price for the company in a research note on Monday, October 13th. Finally, Wells Fargo & Company raised their price target on shares of Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a report on Monday, October 27th. One equities research 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $325.54.

Public Storage Stock Performance

Public Storage stock opened at $278.99 on Monday. Public Storage has a 52 week low of $256.60 and a 52 week high of $355.87. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 2.04. The stock has a market cap of $48.95 billion, a P/E ratio of 28.97, a price-to-earnings-growth ratio of 4.72 and a beta of 0.89. The stock has a 50 day moving average of $292.66 and a 200-day moving average of $293.10.

Public Storage (NYSE:PSA) last posted 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 firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the prior year, the company posted $4.20 earnings per share. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. On average, analysts expect that Public Storage will post 16.7 EPS for the current fiscal year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Monday, December 15th. Public Storage’s dividend payout ratio is 124.61%.

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 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.