Maryland State Retirement & Pension System Sells 591 Shares of Public Storage (NYSE:PSA)

Maryland State Retirement & Pension System decreased its stake in Public Storage (NYSE:PSA) by 6.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,445 shares of the real estate investment trust’s stock after selling 591 shares during the period. Maryland State Retirement & Pension System’s holdings in Public Storage were worth $2,529,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Doliver Advisors LP lifted its stake in Public Storage by 2.6% in the 4th quarter. Doliver Advisors LP now owns 1,446 shares of the real estate investment trust’s stock valued at $433,000 after purchasing an additional 36 shares during the last quarter. Brooklyn Investment Group increased its position in Public Storage by 3.4% in the 4th quarter. Brooklyn Investment Group now owns 1,152 shares of the real estate investment trust’s stock valued at $345,000 after acquiring an additional 38 shares during the period. Werba Rubin Papier Wealth Management increased its position in Public Storage by 1.7% in the 4th quarter. Werba Rubin Papier Wealth Management now owns 2,275 shares of the real estate investment trust’s stock valued at $681,000 after acquiring an additional 38 shares during the period. Continuum Advisory LLC increased its position in Public Storage by 7.6% in the 3rd quarter. Continuum Advisory LLC now owns 549 shares of the real estate investment trust’s stock valued at $182,000 after acquiring an additional 39 shares during the period. Finally, TD Private Client Wealth LLC increased its position in Public Storage by 2.4% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,695 shares of the real estate investment trust’s stock valued at $617,000 after acquiring an additional 39 shares during the period. Institutional investors own 78.79% of the company’s stock.

Public Storage Price Performance

Shares of NYSE:PSA opened at $296.12 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The stock’s fifty day simple moving average is $299.91 and its two-hundred day simple moving average is $322.48. Public Storage has a 1-year low of $256.31 and a 1-year high of $369.99. The stock has a market cap of $51.94 billion, a PE ratio of 30.75, a price-to-earnings-growth ratio of 4.91 and a beta of 0.73.

Public Storage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Thursday, March 13th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend is Thursday, March 13th. Public Storage’s dividend payout ratio (DPR) is presently 112.89%.

Wall Street Analysts Forecast Growth

PSA has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Public Storage from a “sell” rating to a “hold” rating and upped their price target for the company from $298.00 to $299.00 in a research report on Friday, January 10th. Scotiabank decreased their price target on shares of Public Storage from $338.00 to $333.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 5th. Barclays restated an “overweight” rating and issued a $354.00 price target (down from $361.00) on shares of Public Storage in a research report on Wednesday, March 12th. Wells Fargo & Company decreased their price objective on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Finally, Royal Bank of Canada decreased their price objective on shares of Public Storage from $342.00 to $329.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $338.00.

About Public Storage

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.