Public Storage (NYSE:PSA) Receives $305.00 Average PT from Brokerages

Shares of Public Storage (NYSE:PSA) have been given an average rating of “Moderate Buy” by the twelve brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $305.00.

A number of research firms recently commented on PSA. Truist Financial increased their price target on Public Storage from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, December 28th. BMO Capital Markets boosted their target price on Public Storage from $325.00 to $330.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Barclays started coverage on Public Storage in a research report on Wednesday, March 27th. They issued an “overweight” rating and a $330.00 price objective on the stock. Wells Fargo & Company upgraded shares of Public Storage from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $280.00 to $310.00 in a research report on Friday, April 5th. Finally, Scotiabank lifted their price objective on shares of Public Storage from $267.00 to $270.00 and gave the stock a “sector perform” rating in a research report on Monday, March 18th.

Institutional Investors Weigh In On Public Storage

Hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its holdings in shares of 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 acquiring an additional 44 shares during the period. Sunbelt Securities Inc. bought a new position in Public Storage in the 1st quarter worth about $26,000. ICA Group Wealth Management LLC purchased a new position in Public Storage during the 4th quarter valued at about $29,000. Core Wealth Advisors Inc. purchased a new position in Public Storage during the 4th quarter valued at about $30,000. Finally, EdgeRock Capital LLC bought a new stake in shares of Public Storage during the fourth quarter valued at about $32,000. Institutional investors own 78.79% of the company’s stock.

Public Storage Trading Down 1.3 %

NYSE:PSA opened at $262.22 on Wednesday. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.62 and a quick ratio of 0.62. Public Storage has a one year low of $233.18 and a one year high of $312.25. The company has a market cap of $46.07 billion, a PE ratio of 23.71, a PEG ratio of 3.57 and a beta of 0.54. The firm has a 50-day moving average of $282.12 and a 200-day moving average of $276.57.

Public Storage (NYSE:PSA) last released its quarterly earnings results on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.15 by ($1.94). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.14 billion. Public Storage had a net margin of 45.34% and a return on equity of 35.31%. Public Storage’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the firm posted $4.16 EPS. As a group, equities research analysts expect that Public Storage will post 16.93 EPS for the current fiscal year.

Public Storage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Wednesday, March 13th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend was Tuesday, March 12th. Public Storage’s dividend payout ratio (DPR) is presently 108.50%.

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.