California Public Employees Retirement System Cuts Stake in Public Storage $PSA

California Public Employees Retirement System cut its holdings in Public Storage (NYSE:PSA) by 17.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 507,859 shares of the real estate investment trust’s stock after selling 103,878 shares during the period. California Public Employees Retirement System owned 0.29% of Public Storage worth $146,695,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Public Storage by 10.8% during the third quarter. Vanguard Group Inc. now owns 23,068,701 shares of the real estate investment trust’s stock valued at $6,663,394,000 after buying an additional 2,253,225 shares during the last quarter. State Street Corp grew its stake in Public Storage by 1.2% during the second quarter. State Street Corp now owns 10,613,807 shares of the real estate investment trust’s stock valued at $3,114,303,000 after acquiring an additional 126,113 shares in the last quarter. Norges Bank purchased a new position in Public Storage during the second quarter valued at $1,153,971,000. JPMorgan Chase & Co. increased its holdings in Public Storage by 5.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,334,488 shares of the real estate investment trust’s stock valued at $963,177,000 after acquiring an additional 177,421 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Public Storage by 3.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,924,395 shares of the real estate investment trust’s stock worth $857,674,000 after purchasing an additional 87,918 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PSA has been the topic of a number of research analyst reports. Wolfe Research downgraded Public Storage from an “outperform” rating to a “peer perform” rating in a research report on Monday, January 26th. Wall Street Zen cut Public Storage from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. Scotiabank lifted their price objective on Public Storage from $300.00 to $319.00 and gave the stock a “sector outperform” rating in a research note on Monday, March 2nd. Deutsche Bank Aktiengesellschaft cut Public Storage from a “buy” rating to a “hold” rating and set a $285.00 price objective on the stock. in a report on Tuesday, January 20th. Finally, Raymond James Financial cut their target price on shares of Public Storage from $350.00 to $330.00 and set a “strong-buy” rating for the company in a report on Tuesday, November 18th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $307.13.

Public Storage Stock Up 0.1%

Shares of NYSE:PSA opened at $298.11 on Monday. The company has a market cap of $52.32 billion, a price-to-earnings ratio of 33.05, a PEG ratio of 6.03 and a beta of 0.99. Public Storage has a 12 month low of $256.54 and a 12 month high of $312.95. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 2.05. The company has a 50-day moving average price of $291.14 and a 200 day moving average price of $284.78.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be given a dividend of $3.00 per share. The ex-dividend date is Monday, March 16th. This represents a $12.00 dividend on an annualized basis and a yield of 4.0%. Public Storage’s dividend payout ratio is 133.04%.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.