New York State Teachers Retirement System Trims Holdings in Public Storage (NYSE:PSA)

New York State Teachers Retirement System lowered its holdings in Public Storage (NYSE:PSA) by 5.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 126,968 shares of the real estate investment trust’s stock after selling 7,666 shares during the period. New York State Teachers Retirement System’s holdings in Public Storage were worth $46,200,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. OFI Invest Asset Management purchased a new stake in Public Storage in the second quarter worth $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage in the 2nd quarter worth about $36,000. Crewe Advisors LLC bought a new stake in shares of Public Storage during the 1st quarter valued at about $39,000. EdgeRock Capital LLC purchased a new position in shares of Public Storage during the second quarter valued at about $39,000. Finally, LRI Investments LLC bought a new position in Public Storage in the first quarter worth about $40,000. 78.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PSA shares. Bank of America downgraded Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 target price on the stock. in a report on Monday, August 5th. Evercore ISI reduced their price target on Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Morgan Stanley increased their price objective on Public Storage from $293.00 to $315.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Citigroup boosted their target price on shares of Public Storage from $303.00 to $378.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Royal Bank of Canada started coverage on shares of Public Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $341.43.

Public Storage Trading Up 1.3 %

Shares of NYSE PSA opened at $335.49 on Thursday. The firm’s 50 day moving average price is $348.12 and its 200-day moving average price is $308.26. Public Storage has a 52-week low of $233.18 and a 52-week high of $369.99. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $58.72 billion, a PE ratio of 31.44, a P/E/G ratio of 4.74 and a beta of 0.68.

Public Storage (NYSE:PSA) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.20 by ($1.54). The business had revenue of $921.70 million during the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a net margin of 44.88% and a return on equity of 36.55%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same period last year, the company posted $4.28 earnings per share. On average, equities research analysts expect that Public Storage will post 16.73 EPS for the current fiscal year.

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.