Employees Retirement System of Texas Sells 5,000 Shares of Public Storage (NYSE:PSA)

Employees Retirement System of Texas lessened its stake in Public Storage (NYSE:PSA) by 6.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,611 shares of the real estate investment trust’s stock after selling 5,000 shares during the quarter. Employees Retirement System of Texas’ holdings in Public Storage were worth $22,342,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Walleye Capital LLC bought a new position in shares of Public Storage during the 3rd quarter worth approximately $262,000. IHT Wealth Management LLC increased its position in shares of Public Storage by 40.7% in the third quarter. IHT Wealth Management LLC now owns 1,262 shares of the real estate investment trust’s stock worth $458,000 after purchasing an additional 365 shares during the period. Quantinno Capital Management LP lifted its stake in Public Storage by 16.2% during the third quarter. Quantinno Capital Management LP now owns 11,390 shares of the real estate investment trust’s stock worth $4,145,000 after purchasing an additional 1,590 shares during the last quarter. Stifel Financial Corp grew its holdings in Public Storage by 4.9% during the 3rd quarter. Stifel Financial Corp now owns 69,856 shares of the real estate investment trust’s stock worth $25,422,000 after acquiring an additional 3,241 shares during the last quarter. Finally, Insigneo Advisory Services LLC grew its stake in shares of Public Storage by 5.9% in the third quarter. Insigneo Advisory Services LLC now owns 823 shares of the real estate investment trust’s stock worth $299,000 after purchasing an additional 46 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

Wall Street Analyst Weigh In

PSA has been the topic of several research reports. Royal Bank of Canada dropped their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Wells Fargo & Company decreased their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Barclays reissued an “overweight” rating and issued a $354.00 price objective (down previously from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Truist Financial cut their price target on Public Storage from $316.00 to $310.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. Finally, Scotiabank dropped their price objective on Public Storage from $338.00 to $333.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 5th. Seven research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Public Storage currently has a consensus rating of “Moderate Buy” and an average price target of $338.73.

Public Storage Price Performance

Shares of PSA opened at $284.00 on Monday. The firm’s 50-day simple moving average is $300.05 and its two-hundred day simple moving average is $317.46. Public Storage has a fifty-two week low of $256.31 and a fifty-two week high of $369.99. The stock has a market cap of $49.82 billion, a PE ratio of 29.49, a price-to-earnings-growth ratio of 4.91 and a beta of 0.76. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.97 and a current ratio of 0.97.

Public Storage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date was Thursday, March 13th. Public Storage’s payout ratio is 112.89%.

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.