Employees Retirement System of Texas Decreases Stock Holdings in Public Storage $PSA

by · The Cerbat Gem

Employees Retirement System of Texas lessened its holdings in Public Storage (NYSE:PSA – Free Report) by 20.1% during the second quarter, HoldingsChannel.com reports. The fund owned 68,083 shares of the real estate investment trust’s stock after selling 17,100 shares during the quarter. Employees Retirement System of Texas’ holdings in Public Storage were worth $19,977,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PSA. Nuveen LLC acquired a new stake in Public Storage in the 1st quarter valued at $271,196,000. Goldman Sachs Group Inc. boosted its position in shares of Public Storage by 68.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,164,992 shares of the real estate investment trust’s stock worth $348,670,000 after buying an additional 475,342 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Public Storage in the second quarter valued at about $94,297,000. Vanguard Group Inc. raised its holdings in shares of Public Storage by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 20,735,896 shares of the real estate investment trust’s stock valued at $6,206,046,000 after buying an additional 143,575 shares during the period. Finally, Deutsche Bank AG lifted its position in Public Storage by 9.8% during the 1st quarter. Deutsche Bank AG now owns 1,546,240 shares of the real estate investment trust’s stock worth $462,774,000 after acquiring an additional 138,486 shares in the last quarter. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Trading Up 1.2%

NYSE PSA opened at $272.39 on Wednesday. The company has a market capitalization of $47.79 billion, a price-to-earnings ratio of 28.29, a price-to-earnings-growth ratio of 4.72 and a beta of 0.91. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.77. Public Storage has a 12 month low of $256.60 and a 12 month high of $355.87. The company’s fifty day moving average price is $286.41 and its two-hundred day moving average price is $290.27.

Public Storage (NYSE:PSA – Get Free Report) last issued its earnings results on Wednesday, October 29th. The real estate investment trust reported $4.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.24 by $0.07. Public Storage had a net margin of 39.53% and a return on equity of 35.67%. During the same period last year, the firm posted $4.20 EPS. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. Public Storage has set its FY 2025 guidance at 16.700-17.000 EPS. As a group, research analysts predict that Public Storage will post 16.7 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders 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 of this dividend is Monday, December 15th. Public Storage’s dividend payout ratio (DPR) is currently 124.61%.

Analyst Ratings Changes

Several brokerages have issued reports on PSA. Royal Bank Of Canada lowered their price objective on shares of Public Storage from $309.00 to $307.00 and set a “sector perform” rating for the company in a research report on Friday, October 31st. Barclays lowered their price target on shares of Public Storage from $351.00 to $349.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Evercore ISI cut their price objective on shares of Public Storage from $317.00 to $315.00 and set an “in-line” rating on the stock in a report on Monday, November 3rd. Scotiabank decreased their price objective on shares of Public Storage from $340.00 to $333.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 28th. Finally, Deutsche Bank Aktiengesellschaft raised Public Storage from a “hold” rating to a “buy” rating and set a $325.00 target price on the stock in a research report on Monday, October 13th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $325.57.

Get Our Latest Analysis on Public Storage

Public Storage Profile

(Free Report)

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.

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