Retirement Systems of Alabama Decreases Holdings in Public Storage (NYSE:PSA)

Retirement Systems of Alabama lowered its position in Public Storage (NYSE:PSA) by 4.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,949 shares of the real estate investment trust’s stock after selling 11,770 shares during the quarter. Retirement Systems of Alabama owned approximately 0.13% of Public Storage worth $84,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of PSA. OFI Invest Asset Management bought a new position in shares of Public Storage during the 2nd quarter valued at $32,000. Prospera Private Wealth LLC bought a new position in Public Storage in the 3rd quarter worth $34,000. Ashton Thomas Securities LLC purchased a new position in shares of Public Storage in the 3rd quarter valued at approximately $38,000. EdgeRock Capital LLC purchased a new stake in Public Storage in the second quarter worth $39,000. Finally, Compagnie Lombard Odier SCmA bought a new position in Public Storage in the third quarter worth $50,000. 78.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Morgan Stanley increased their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Scotiabank raised their price target on Public Storage from $308.00 to $339.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Evercore ISI cut their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research report on Monday, October 14th. Royal Bank of Canada dropped their target price on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Finally, Citigroup boosted their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $342.07.

Public Storage Trading Down 0.8 %

Shares of PSA stock opened at $320.79 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a fifty day simple moving average of $337.89 and a two-hundred day simple moving average of $322.12. The firm has a market capitalization of $56.17 billion, a PE ratio of 33.31, a PEG ratio of 5.38 and a beta of 0.71. Public Storage has a 52-week low of $256.31 and a 52-week high of $369.99.

Public Storage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio (DPR) is presently 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.