California Public Employees Retirement System Reduces Position in Public Storage $PSA

California Public Employees Retirement System trimmed its holdings in Public Storage (NYSE:PSA) by 15.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 611,737 shares of the real estate investment trust’s stock after selling 114,730 shares during the quarter. California Public Employees Retirement System owned about 0.35% of Public Storage worth $179,496,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PSA. Vanguard Group Inc. lifted its position in Public Storage by 0.4% during the second quarter. Vanguard Group Inc. now owns 20,815,476 shares of the real estate investment trust’s stock worth $6,107,677,000 after buying an additional 79,580 shares in the last quarter. Norges Bank acquired a new stake in shares of Public Storage in the 2nd quarter worth $1,153,971,000. JPMorgan Chase & Co. raised its holdings in shares of Public Storage by 3.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,157,067 shares of the real estate investment trust’s stock worth $926,357,000 after acquiring an additional 103,965 shares during the period. Wellington Management Group LLP boosted its position in shares of Public Storage by 1.0% during the 1st quarter. Wellington Management Group LLP now owns 2,987,662 shares of the real estate investment trust’s stock valued at $894,177,000 after acquiring an additional 30,775 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Public Storage by 3.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,924,395 shares of the real estate investment trust’s stock valued at $857,674,000 after acquiring an additional 87,918 shares during the last quarter. 78.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSA has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Public Storage in a research note on Wednesday, October 8th. Wells Fargo & Company lifted their price target on shares of Public Storage from $320.00 to $330.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. UBS Group decreased their price objective on Public Storage from $295.00 to $293.00 and set a “neutral” rating on the stock in a report on Tuesday, November 18th. Raymond James Financial lowered their price objective on Public Storage from $350.00 to $330.00 and set a “strong-buy” rating for the company in a research report on Tuesday, November 18th. Finally, BMO Capital Markets reduced their target price on Public Storage from $325.00 to $320.00 and set a “market perform” rating on the stock in a research report on Monday, November 24th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $320.87.

Public Storage Stock Performance

NYSE:PSA opened at $271.74 on Monday. Public Storage has a fifty-two week low of $256.60 and a fifty-two week high of $336.80. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.45 and a current ratio of 0.45. The company has a 50 day moving average price of $285.15 and a 200 day moving average price of $288.60. The stock has a market capitalization of $47.68 billion, a P/E ratio of 28.22, a PEG ratio of 5.83 and a beta of 1.01.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a return on equity of 36.09% and a net margin of 39.53%.The company 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 firm earned $4.20 earnings per share. The firm’s revenue 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. Equities research analysts forecast that Public Storage will post 16.7 EPS for the current year.

Public Storage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors 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 yield of 4.4%. The ex-dividend date is Monday, December 15th. Public Storage’s dividend payout ratio (DPR) is 124.61%.

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.