Kentucky Retirement Systems Trims Holdings in Public Storage (NYSE:PSA)

Kentucky Retirement Systems reduced its holdings in shares of Public Storage (NYSE:PSA) by 7.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,973 shares of the real estate investment trust’s stock after selling 945 shares during the period. Kentucky Retirement Systems’ holdings in Public Storage were worth $3,993,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of PSA. OFI Invest Asset Management bought a new stake in shares of Public Storage in the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new stake in Public Storage in the second quarter worth $36,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Storage in the third quarter worth $38,000. Crewe Advisors LLC bought a new position in shares of Public Storage during the first quarter valued at $39,000. Finally, EdgeRock Capital LLC purchased a new position in shares of Public Storage in the 2nd quarter worth about $39,000. Institutional investors own 78.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on PSA. Morgan Stanley increased their price objective on shares of Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group raised their price target on shares of Public Storage from $360.00 to $422.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Evercore ISI decreased their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Wolfe Research upgraded Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, Citigroup lifted their target price on Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Public Storage presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.64.

Public Storage Stock Performance

PSA opened at $335.01 on Friday. The company’s 50 day moving average is $345.99 and its 200 day moving average is $314.26. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The company has a market cap of $58.66 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 5.57 and a beta of 0.70. Public Storage has a 12-month low of $251.49 and a 12-month high of $369.99.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s 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.