Evercore ISI Raises Public Storage (NYSE:PSA) Price Target to $343.00

Public Storage (NYSE:PSA) had its price objective increased by Evercore ISI from $334.00 to $343.00 in a research note published on Monday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

A number of other equities research analysts have also weighed in on PSA. Wolfe Research upgraded shares of Public Storage to a strong-buy rating in a report on Wednesday, September 4th. Royal Bank of Canada started coverage on Public Storage in a research note on Tuesday, September 10th. They issued a sector perform rating and a $358.00 price target on the stock. Barclays upped their price objective on Public Storage from $327.00 to $374.00 and gave the stock an overweight rating in a research report on Thursday, August 22nd. Wells Fargo & Company raised their target price on Public Storage from $310.00 to $320.00 and gave the stock an overweight rating in a research report on Friday, July 26th. Finally, Scotiabank upped their price target on Public Storage from $308.00 to $339.00 and gave the company a sector perform rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $332.71.

Public Storage Trading Up 0.9 %

NYSE:PSA opened at $360.72 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.72. The firm has a market cap of $63.39 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 5.06 and a beta of 0.67. The stock has a fifty day moving average price of $324.49 and a 200 day moving average price of $294.65. Public Storage has a 12-month low of $233.18 and a 12-month high of $366.29.

Public Storage (NYSE:PSA) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS 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 analyst estimates of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.28 earnings per share. Sell-side analysts anticipate that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Friday, September 13th. Public Storage’s dividend payout ratio is currently 108.99%.

Institutional Investors Weigh In On Public Storage

A number of institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its stake in shares of Public Storage by 107.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 85 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 44 shares during the last quarter. Core Wealth Advisors Inc. purchased a new position in Public Storage during the 4th quarter worth $30,000. OFI Invest Asset Management purchased a new position in Public Storage during the 2nd quarter worth $32,000. ICA Group Wealth Management LLC acquired a new stake in shares of Public Storage in the 4th quarter worth $37,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Public Storage in the second quarter valued at about $36,000. 78.79% of the stock is owned by hedge funds and other 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.