Barclays Lowers Public Storage (NYSE:PSA) Price Target to $327.00

Public Storage (NYSE:PSA) had its price target decreased by Barclays from $330.00 to $327.00 in a research report report published on Monday, Benzinga reports. Barclays currently has an overweight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also issued reports on the stock. Scotiabank increased their price objective on shares of Public Storage from $267.00 to $270.00 and gave the company a sector perform rating in a report on Monday, March 18th. Raymond James raised shares of Public Storage from a market perform rating to a strong-buy rating and set a $330.00 price objective for the company in a report on Thursday, March 28th. BMO Capital Markets increased their price objective on shares of Public Storage from $325.00 to $330.00 and gave the company an outperform rating in a report on Tuesday, March 19th. Deutsche Bank Aktiengesellschaft began coverage on shares of Public Storage in a report on Tuesday, January 30th. They set a sell rating and a $250.00 price objective for the company. Finally, Wells Fargo & Company raised shares of Public Storage from an equal weight rating to an overweight rating and increased their price objective for the company from $280.00 to $310.00 in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $304.75.

Public Storage Price Performance

NYSE PSA opened at $274.36 on Monday. Public Storage has a 12 month low of $233.18 and a 12 month high of $312.25. The stock has a market cap of $48.21 billion, a price-to-earnings ratio of 24.92, a PEG ratio of 3.95 and a beta of 0.57. The company’s 50 day moving average is $274.91 and its two-hundred day moving average is $278.92. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.59.

Public Storage (NYSE:PSA) last released its earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). Public Storage had a return on equity of 36.17% and a net margin of 45.62%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the business posted $4.16 EPS. Public Storage’s revenue was up 6.6% on a year-over-year basis. As a group, research analysts anticipate that Public Storage will post 16.91 earnings per share for the current year.

Public Storage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Wednesday, June 12th will be given a $3.00 dividend. The ex-dividend date is Wednesday, June 12th. This represents a $12.00 dividend on an annualized basis and a yield of 4.37%. Public Storage’s dividend payout ratio is presently 108.99%.

Insider Buying and Selling

In other Public Storage news, Director Kristy Pipes bought 2,149 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was acquired at an average cost of $278.96 per share, for a total transaction of $599,485.04. Following the completion of the transaction, the director now owns 2,149 shares in the company, valued at $599,485.04. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 11.00% of the stock is owned by corporate insiders.

Institutional Trading of Public Storage

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Public Storage by 1.0% in the first quarter. Vanguard Group Inc. now owns 20,946,291 shares of the real estate investment trust’s stock valued at $6,075,681,000 after acquiring an additional 217,487 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Public Storage by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock valued at $1,575,794,000 after acquiring an additional 219,391 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Public Storage by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 3,168,763 shares of the real estate investment trust’s stock valued at $835,032,000 after acquiring an additional 729,262 shares in the last quarter. Norges Bank bought a new stake in shares of Public Storage in the fourth quarter valued at about $821,151,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Public Storage by 8.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,687,170 shares of the real estate investment trust’s stock valued at $794,161,000 after acquiring an additional 216,331 shares in the last quarter. 78.79% of the stock is currently owned by institutional investors.

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.