Public Storage (NYSE:PSA) Reaches New 52-Week High – Here’s Why

Public Storage (NYSE:PSA) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $332.50 and last traded at $332.5630, with a volume of 106925 shares traded. The stock had previously closed at $324.02.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PSA shares. Truist Financial increased their price target on shares of Public Storage from $302.00 to $338.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Mizuho increased their price objective on Public Storage from $301.00 to $316.00 and gave the stock a “neutral” rating in a report on Wednesday, May 27th. Raymond James Financial began coverage on shares of Public Storage in a research report on Thursday, July 16th. They set a “market perform” rating on the stock. The Goldman Sachs Group restated a “buy” rating and issued a $341.00 price objective on shares of Public Storage in a report on Wednesday, April 29th. Finally, BMO Capital Markets raised their target price on shares of Public Storage from $305.00 to $340.00 and gave the stock a “market perform” rating in a report on Monday, June 15th. Seven research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $325.37.

Public Storage Stock Up 3.0%

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 2.02. The stock has a market cap of $58.57 billion, a P/E ratio of 34.38, a P/E/G ratio of 4.34 and a beta of 0.96. The firm’s fifty day moving average is $315.91 and its 200 day moving average is $300.52.

Public Storage (NYSE:PSA) last issued its quarterly earnings results on Monday, April 27th. The real estate investment trust reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.42 by $0.29. Public Storage had a return on equity of 37.78% and a net margin of 39.16%.The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the company posted $4.12 earnings per share. The company’s quarterly revenue was down .1% compared to the same quarter last year. As a group, equities research analysts forecast that Public Storage will post 16.94 EPS for the current year.

Public Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $3.00 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.6%. Public Storage’s payout ratio is currently 123.84%.

Insider Activity

In other news, insider Nathaniel A. Vitan sold 950 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $324.81, for a total value of $308,569.50. Following the transaction, the insider owned 1,414 shares of the company’s stock, valued at approximately $459,281.34. This trade represents a 40.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 11.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Public Storage

Institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC increased its stake in Public Storage by 13.3% during the 1st quarter. Empowered Funds LLC now owns 3,186 shares of the real estate investment trust’s stock worth $954,000 after purchasing an additional 373 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Public Storage during the 2nd quarter worth about $929,000. Nebula Research & Development LLC acquired a new position in Public Storage during the second quarter valued at approximately $1,113,000. Treasurer of the State of North Carolina increased its holdings in Public Storage by 1.9% during the second quarter. Treasurer of the State of North Carolina now owns 73,774 shares of the real estate investment trust’s stock worth $21,647,000 after buying an additional 1,390 shares during the last quarter. Finally, Ieq Capital LLC increased its stake in shares of Public Storage by 219.8% during the 2nd quarter. Ieq Capital LLC now owns 48,190 shares of the real estate investment trust’s stock worth $14,140,000 after purchasing an additional 33,122 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Company Profile

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.