Public Storage (NYSE:PSA) Shares Bought by Employees Retirement System of Texas

Employees Retirement System of Texas grew its holdings in Public Storage (NYSE:PSA) by 50.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 208,311 shares of the real estate investment trust’s stock after buying an additional 70,000 shares during the quarter. Public Storage accounts for 0.8% of Employees Retirement System of Texas’ investment portfolio, making the stock its 27th largest position. Employees Retirement System of Texas owned about 0.12% of Public Storage worth $60,802,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PSA. D.A. Davidson & CO. boosted its holdings in Public Storage by 7.9% in the 2nd quarter. D.A. Davidson & CO. now owns 6,119 shares of the real estate investment trust’s stock worth $1,786,000 after buying an additional 447 shares during the last quarter. Penserra Capital Management LLC boosted its stake in shares of Public Storage by 47.9% in the second quarter. Penserra Capital Management LLC now owns 3,542 shares of the real estate investment trust’s stock worth $1,031,000 after acquiring an additional 1,147 shares during the last quarter. Osaic Holdings Inc. increased its position in shares of Public Storage by 273.4% during the second quarter. Osaic Holdings Inc. now owns 141,642 shares of the real estate investment trust’s stock worth $11,025,000 after purchasing an additional 103,709 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Public Storage by 7.6% in the 2nd quarter. Bessemer Group Inc. now owns 6,094 shares of the real estate investment trust’s stock valued at $1,779,000 after purchasing an additional 428 shares in the last quarter. Finally, Delta Asset Management LLC TN boosted its stake in Public Storage by 48.4% during the 2nd quarter. Delta Asset Management LLC TN now owns 190 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 62 shares during the last quarter. 78.75% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Nathaniel A. Vitan sold 400 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $245.37, for a total value of $98,148.00. Following the sale, the insider now directly owns 13,286 shares of the company’s stock, valued at approximately $3,259,985.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.00% of the stock is currently owned by insiders.

Public Storage Trading Down 0.3 %

Shares of PSA stock traded down $0.90 during trading on Tuesday, hitting $257.18. 106,006 shares of the stock traded hands, compared to its average volume of 946,339. Public Storage has a 52-week low of $233.18 and a 52-week high of $316.48. The firm has a market capitalization of $45.22 billion, a P/E ratio of 23.66, a price-to-earnings-growth ratio of 3.14 and a beta of 0.50. The firm’s fifty day moving average price is $258.94 and its 200-day moving average price is $276.33. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.98 and a quick ratio of 0.98.

Public Storage (NYSE:PSA) last posted its earnings results on Monday, October 30th. The real estate investment trust reported $3.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.21 by ($1.01). Public Storage had a return on equity of 34.76% and a net margin of 45.46%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the business earned $4.13 EPS. Public Storage’s revenue was up 5.1% compared to the same quarter last year. As a group, research analysts forecast that Public Storage will post 16.76 earnings per share for the current fiscal year.

Public Storage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Wednesday, December 13th will be given a $3.00 dividend. The ex-dividend date is Tuesday, December 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.67%. Public Storage’s payout ratio is currently 109.99%.

Wall Street Analyst Weigh In

PSA has been the subject of a number of recent research reports. Stifel Nicolaus reduced their target price on shares of Public Storage from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, September 13th. Morgan Stanley began coverage on Public Storage in a report on Thursday, September 21st. They set an “equal weight” rating and a $250.00 target price on the stock. Truist Financial restated a “buy” rating and issued a $305.00 price target on shares of Public Storage in a research report on Tuesday, October 31st. StockNews.com began coverage on Public Storage in a research report on Saturday, October 21st. They set a “hold” rating on the stock. Finally, Wells Fargo & Company initiated coverage on Public Storage in a report on Tuesday, October 24th. They issued an “overweight” rating and a $270.00 target price for the company. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Public Storage currently has a consensus rating of “Moderate Buy” and an average target price of $299.83.

About Public Storage

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 September 30, 2023, we had: (i) interests in 3,028 self-storage facilities located in 40 states with approximately 217 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 267 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.