Retirement Systems of Alabama Reduces Stake in Public Storage (NYSE:PSA)

Retirement Systems of Alabama lessened its stake in shares of Public Storage (NYSE:PSA) by 4.8% during the 3rd quarter, HoldingsChannel.com reports. 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’s holdings in Public Storage were worth $84,763,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Citigroup raised their price objective on Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Evercore ISI reduced their target price on 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. Wolfe Research upgraded shares of Public Storage to a “strong-buy” rating in a research note on Wednesday, September 4th. Morgan Stanley raised their price target on shares of Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada dropped their price objective on shares of Public Storage from $358.00 to $344.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $342.07.

Public Storage Price Performance

Shares of NYSE PSA 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 firm has a market cap 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 one year low of $256.31 and a one year high of $369.99. The firm has a fifty day moving average of $337.89 and a 200 day moving average of $322.12.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend is Friday, December 13th. Public Storage’s dividend payout ratio 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.