Public Storage (NYSE:PSA) PT Raised to $375.00

Public Storage (NYSE:PSA) had its price target raised by Wells Fargo & Company from $320.00 to $375.00 in a research report report published on Monday, Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

PSA has been the subject of several other research reports. Evercore ISI reduced their price target on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating for the company in a report on Monday, October 14th. Jefferies Financial Group upped their target price on shares of Public Storage from $360.00 to $422.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Wolfe Research raised 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 report on Tuesday, September 10th. They issued a “sector perform” rating and a $358.00 price objective for the company. Finally, Morgan Stanley lifted their target price on Public Storage from $293.00 to $315.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $340.93.

Public Storage Price Performance

Shares of NYSE:PSA opened at $338.41 on Monday. The company has a market cap of $59.23 billion, a PE ratio of 31.72, a P/E/G ratio of 4.72 and a beta of 0.68. Public Storage has a fifty-two week low of $233.18 and a fifty-two week high of $369.99. The firm has a 50-day simple moving average of $346.82 and a 200 day simple moving average of $306.35. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72.

Public Storage (NYSE:PSA) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $2.66 EPS for the quarter, missing the consensus estimate of $4.20 by ($1.54). The company had revenue of $921.70 million for 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 firm’s revenue for the quarter 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, sell-side analysts anticipate that Public Storage will post 16.73 EPS for the current year.

Public Storage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $3.00 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $12.00 annualized dividend and a dividend yield of 3.55%. Public Storage’s dividend payout ratio is currently 112.46%.

Institutional Trading of Public Storage

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Public Storage by 1.0% during the 1st 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 during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Public Storage by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,432,643 shares of the real estate investment trust’s stock worth $1,575,794,000 after purchasing an additional 219,391 shares during the period. APG Asset Management US Inc. lifted its holdings in shares of Public Storage by 4.8% during the second quarter. APG Asset Management US Inc. now owns 2,202,117 shares of the real estate investment trust’s stock valued at $623,485,000 after purchasing an additional 100,000 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Public Storage by 8.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,195,785 shares of the real estate investment trust’s stock valued at $343,968,000 after purchasing an additional 95,080 shares during the period. Finally, Centersquare Investment Management LLC increased its stake in Public Storage by 17.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,184,490 shares of the real estate investment trust’s stock worth $343,573,000 after purchasing an additional 173,975 shares in the last quarter. 78.79% of the stock is owned by institutional investors and hedge funds.

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.