Kentucky Retirement Systems Lowers Holdings in Public Storage (NYSE:PSA)

Kentucky Retirement Systems decreased its position in Public Storage (NYSE:PSA) by 0.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,918 shares of the real estate investment trust’s stock after selling 100 shares during the period. Kentucky Retirement Systems’ holdings in Public Storage were worth $3,428,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its stake in Public Storage by 107.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new position in Public Storage in the fourth quarter worth approximately $30,000. OFI Invest Asset Management bought a new position in Public Storage in the second quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new position in Public Storage in the second quarter worth approximately $36,000. Finally, ICA Group Wealth Management LLC bought a new position in Public Storage in the fourth quarter worth approximately $37,000. Hedge funds and other institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of PSA opened at $358.62 on Friday. The firm has a market capitalization of $62.77 billion, a PE ratio of 32.57, a price-to-earnings-growth ratio of 5.12 and a beta of 0.67. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.93 and a quick ratio of 0.93. Public Storage has a 1-year low of $233.18 and a 1-year high of $366.29. The company’s fifty day moving average price is $325.73 and its 200-day moving average price is $295.10.

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

Public Storage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s payout ratio is 108.99%.

Analyst Upgrades and Downgrades

PSA has been the subject of a number of recent research reports. Citigroup boosted their price objective on shares of Public Storage from $303.00 to $378.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Royal Bank of Canada initiated 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 objective for the company. Wolfe Research raised Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Scotiabank upped their price target on Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Finally, Barclays upped their price target on Public Storage from $327.00 to $374.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have given 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 target price of $332.71.

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.