Public Storage (NYSE:PSA) PT Lowered to $327.00

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

PSA has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Public Storage in a report on Tuesday, January 30th. They set a sell rating and a $250.00 price objective on the stock. BMO Capital Markets lifted their target price on Public Storage from $325.00 to $330.00 and gave the company an outperform rating in a report on Tuesday, March 19th. Scotiabank lifted their target price on 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 upgraded Public Storage from a market perform rating to a strong-buy rating and set a $330.00 target price on the stock in a report on Thursday, March 28th. Finally, Wells Fargo & Company upgraded Public Storage from an equal weight rating to an overweight rating and lifted their target price for the company from $280.00 to $310.00 in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $304.75.

Public Storage Stock Performance

Shares of PSA stock 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 company has a market cap of $48.21 billion, a price-to-earnings ratio of 24.92, a price-to-earnings-growth ratio of 3.95 and a beta of 0.57. The stock has a 50 day simple moving average of $274.91 and a 200-day simple moving average of $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 quarterly earnings data on Tuesday, February 20th. The real estate investment trust reported $2.21 earnings per share for the quarter, missing the consensus estimate of $4.15 by ($1.94). The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Public Storage had a net margin of 45.62% and a return on equity of 36.17%. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $4.16 earnings per share. On average, equities analysts forecast that Public Storage will post 16.91 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Wednesday, June 12th will be paid 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 payout ratio is currently 108.99%.

Insider Buying and Selling at Public Storage

In other Public Storage news, Director Kristy Pipes acquired 2,149 shares of Public Storage 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 approximately $599,485.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 11.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Public Storage

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased 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 valued at $26,000 after buying an additional 44 shares in the last quarter. Core Wealth Advisors Inc. bought a new position in shares of Public Storage in the fourth quarter valued at $30,000. EdgeRock Capital LLC bought a new position in shares of Public Storage in the fourth quarter valued at $32,000. Private Ocean LLC raised its stake in Public Storage by 5,450.0% during the 4th quarter. Private Ocean LLC now owns 111 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 109 shares during the period. Finally, Centerpoint Advisors LLC acquired a new stake in Public Storage during the 4th quarter valued at $35,000. Institutional investors own 78.79% of the company’s stock.

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.